Quinn administrators to be paid €1.7m for three months’ work

THE administrators of Quinn Insurance are to be paid more than €1.7 million in fees for the first three months of the year.

In figures approved by the High Court yesterday, the joint administrators fees, company support professional fees and outlay were €509,502 for January, €629,161 for February and €576,123 for March. In addition, the figures reveal that administrator’s fees for April are €578,394.

The highest hourly rate charged was the lead in Grant Thornton’s British-based actuarial team was €735 per hour. Others, including the joint administrators themselves, charged an hourly rate of €475. At the other end of the scale, junior staff’s hourly rate was €50 per hour.