Battle ends 24hrs after regulator seeks €150m

THE sudden decision by Sean Quinn to give up the fight against administration came less than 24 hours after regulator Matthew Elderfield said he would lift the sanction if Quinn could come up with the money.

The group had claimed it only needed €150 million to get back to required solvency levels to cover an influx of claims.

In the High Court yesterday, John Hennessy SC, for Mr Elderfield, told the president of the High Court Mr Justice Nicholas Kearns the company was “no longer opposing” the petition to have Paul McCann and Michael McAteer of Grant Thornton appointed as administrators of Quinn Insurance, which employs some 5,000 people.