Page last updated at 07:45 GMT, Wednesday, 14 April 2010 08:45 UK

Quinn interim director appointed

Quinn Insurance employs 600 people in County Fermanagh
Quinn Insurance employs 600 people in County Fermanagh

A company has been assigned to the Quinn Group to provide financial restructuring services.

It was announced on Tuesday that London-based Talbot Hughes McKillop (THM) will assist the company to "work through the group's current issues".

THM partner, Murdoch McKillop, has been appointed interim executive director of the Quinn Group.

It is believed that his role will be to negotiate with banks and bondholders. The group owes 1.2bn euros.

On Monday a hearing into whether Quinn Insurance should be put into permanent administration was postponed.

Last month, the High Court in Dublin granted an application by the financial regulator to put Quinn Insurance into provisional administration for breaching solvency rules.

After the ruling, the company was ordered not to write any new UK business.

Vital

The chief executive of Quinn Group, Mr Liam McCaffrey, said Mr McKillop's role would be to assist the company's board and the executive management team.

Mr McKillop would, a statement from the company said, "ensure that executive management are not excessively diverted from the vitally important job of running our manufacturing business".

On Monday, the Republic's Financial Regulator said it had received new information from the company which warranted further consideration and agreed to the postponement.

The case will come before the court again next week.

The firm says it needs around 150 million euros to meet the solvency level requested by the financial regulator.



Print Sponsor


SEE ALSO
Court postpones decision on Quinn
12 Apr 10 |  Northern Ireland
The threat to the House of Quinn
09 Apr 10 |  Northern Ireland
Talks on Quinn Group plan resume
11 Apr 10 |  Northern Ireland
Cowen plea over Quinn resolution
08 Apr 10 |  Northern Ireland
Irish insurance troubles nothing new
08 Apr 10 |  Northern Ireland
Sean Quinn: Trouble for Ireland's 'richest man'
06 Apr 10 |  Northern Ireland
Quinn employee meeting 'positive'
08 Apr 10 |  Northern Ireland
Pressure mounts over Quinn ban
07 Apr 10 |  Northern Ireland

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites


FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC navigation

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific