PriceWaterhouseCoopers has failed to get court orders requiring Quinn Insurance Ltd (QIL) to provide security for the estimated €30m legal costs of PWC’s defence of a claim for up to €900m damages brought against it over its auditing of the insurer.

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 said today that he wishes to hear from the representatives of State's Insurance Compensation Fund before considering any application to allow Quinn Insurance group draw any of the €600m it claims it requires from that fund.