Lawyers for the joint administrators appointed to Quinn Insurance have told the High Court that negotiations for the sale of the company are at an advanced stage.
An interim report submitted to the High Court said the administrators expect to have the process narrowed down to one bidder by the end of the month.
Counsel for the administrators, Bernard Dunleavy also told the court that a complete reconfiguration of the board had been finalised and the administrator was continuing to liaise with the Central Bank and the Financial Regulator.
He told the President of the High Court, Mr Justice Nicholas Kearns, that all executive and non executive directors had now been replaced.
He said the administrators' report gave a snap shot of his involvement in the day-to-day running of the business.
Weekly management meetings were now held and there was 'a new culture' brought into the group.
The administrators had managed to stabilise the business to a position where it will be an attractive proposal for purchase, the court heard.
Steps had also been taken to prepare the company for new solvency regulations, which will come into force in 2013.
Mr Dunleavy said the administrator envisaged that the 2,454 staff would be reduced to 1,628 by March this year through voluntary redundancy and those who would leave in any case.
The report also says a positive assessment of the risk features of the business had been given after a visit by the Financial Services Authority.
