Quinn interim director appointed

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.