Details of Quinn Insurance Ltd's proposed sale to the Liberty Mutual and Anglo Irish Bank joint venture are to be made available to any interested party, the High Court has heard.
Last April the bid by state-owned Anglo and US insurer Liberty Mutual was identified as the preferred bidder for Quinn Insurance Ltd's general insurance business.
It is proposed that Liberty will be wholly responsible for the operation. Anglo will have no involvement in the day-to-day operation of the new company but will act 'in a loan recovery capacity'.
In addition the parties have entered into an asset purchase agreement where Quinn's relevant insurance business will transfer to Liberty.
This morning at the High Court Una Tighe Bl for the joint administrators to Quinn Insurance Ltd, Michael McAteer and Paul McCann, secured orders allowing the firm to make details of transfer agreement available for inspection by policyholders and shareholders of Quinn Insurance.
The court heard that a copy of the proposed transfer agreement will be available on Quinn Insurance's website. Copies will also be made available for inspection at Quinn Insurance Ltd's offices to any person seeking them prior to the sanctioning Quinn Insurance's sale by the High Court.
The orders were made by Mr Justice John Cooke. Since March 2010 the joint administrators have effected control over the insurance group set up by businessman Seán Quinn.
