Thursday, September 13 07:58:44
Paul Appleby, head of Corporate Enforcement has raised the possibility of the administrators of Quinn Insurance being able to take an action for reckless trading against the former directors of the company. The outgoing head of Corporate Enforcement said the administrators could take seek a declaration of personal liability in the High Court.
The bill left by the Quinn Insurance debacle is expected to be up to E1.6 billion. That is being met by a 2pc levy on all general insurance policies purchased by consumers. Last month the outgoing head of Corporate Enforcement Paul Appleby said the administrators could take an action for reckless trading. That could result in a declaration that former directors were personally liable. There is also the possibility that the directors could be prevented from being directors of any other company for periods up to ten years.