Dáil Éireann Debate, Wednesday - 12 January 2011
104 Deputy Jan O’Sullivan asked the Minister for Finance if he will provide an update on progress with the restructuring of the Quinn Group including, specifically, the sale or re-organisation of Quinn Insurance; if all efforts are being made to secure the best interests of workers and customers of the company including the maintenance of employment; and if he will make a statement on the matter. [1380/11]
Amharc ar fhreagraOn 3 June 2010 the High Court granted the Joint Administrators permission to appoint advisers on any prospective sale of Quinn Insurance Ltd (QIL). The advisers, on behalf of the Joint Administrators, issued an information memorandum on 27 August on the sale of the company to interested parties which set out a two stage process for selecting a purchaser. The first stage required the submission of a non-binding indicative proposal by Friday 17 September 2010.
I understand that following evaluation by the advisers and the Joint Administrators of the above mentioned proposals, a limited number of prospective purchasers were shortlisted by the Administrators to participate in Phase II of the sale process. They have conducted further due diligence including the consideration of the necessary commercial information, enabling them to make a final bid.
The Joint Administrators are currently considering the final bids. Once a preferred bidder is chosen the Administrators will enter into detailed discussions with them to seek to conclude an agreement. I understand that the Administrators wish to conclude a sale transaction as soon as possible.
Finally, the Deputy should note that the Joint Administrators are working to find a solution that addresses the issue of putting the company back on a sound commercial and financial footing. As part of that process their role is to assess bids which will protect the interests of policyholders and which will enable the company to operate as a going concern. The retention and protection of employment is of course an important element of the Administrators' responsibilities subject to their statutory responsibilities.
