High Court approves final winding up of Quinn Insurance

The cost of Quinn Insurance Ltd's administration will be of the order of €1 billion, the court heard

Quinn Insurance Ltd was put into administration in 2010.

The president of the High Court has approved moves for the final winding up of Quinn Insurance whose insolvency cost the taxpayer some €1 billion in payments from the Insurance Compensation Fund (ICF).

Quinn Insurance Ltd was put into administration in 2010 and 23 reports have been presented to the High Court over the years by joint administrators Michael McAteer and Paul McCann of Grant Thornton outlining progress on the orderly winding down of its business.