“Quinn Insurance administrators received €375 per hour over 10 years: Court filings reveal professional fees”

Recent court filings have revealed that the administrators of Quinn Insurance received hourly fees of up to €375 for their work over ten years, amounting to more than €1.19 million between July 2022 and March 2023. The appointed Grant Thornton partners oversaw the insurer initially established by bankrupt businessman Seán Quinn, which is set to be wound down at an overall cost of approximately €1 billion to the state. The accountants’ hourly fees were established in 2012 and ranged from €375 for partners to €110 for assistant managers. Legal firm Maples & Calder charged €3.3 million last year for their work on a €900 million claim against former Quinn Insurance auditors, PricewaterhouseCoopers. The claim was settled in June 2022 and cost PwC €54 million, including the Quinn Insurance costs.