Quinn commercial policy holders object to sale of business

Around 500 commercial policy holders of Quinn Insurance are objecting to the proposed sale of the business to joint investors Anglo Irish Bank and US insurer Liberty Mutual.

The President of the High Court is being asked to rubber stamp the sale having yesterday approved a €738m payout for Quinn Insurance from the State's Insurance Compensation Fund.

President Nicholas Kearns said he was aware of the implications for the taxpayer, but the costs of liquidation would be higher.

A staff representative told the court that most of the 1,600 employees are in favour of the sale, but some business clients of Quinn say another solution that is less onerous on the economy is possible.