Quinn administrators’ fee cut 20%

The President of the High Court has cut by 20% the fees sought by the joint administrators of Quinn Insurance Ltd (QIL).

The administrators, Michael McAteer and Paul McCann had sought court approval for the payment of about €2.75 million plus expenses for costs they incurred in the administration of the company between Aug 1 and Nov 30, 2011.

Mr Justice Nicholas Kearns yesterday said he was satisfied to approve the fees sought by the administrators, both of the accountancy firm Grant Thornton who the court said were each charging €475 an hour, less a 20% reduction.