PWC in dock on Quinn Group
The High Court yesterday gave the go-ahead for the serving of a summons on PricewaterhouseCoopers in a case where the administrators of Quinn Insurance are seeking damages arising from the accountancy firm’s work as auditors to the collapsed group. It is understood the summons was served yesterday on a partner from the firm as part of a process where an application is expected to be made shortly to the Commercial Court for the hearing of the case there.
Losses from the insurance group formerly owned by the family of bankrupt businessman Sean Quinn are expected to cost the Insurance Compensation Fund up to E1.6 billion and have led to the introduction of a 2 per cent levy on all home, motor and commercial insurance policies.
Barrister Bernard Dunleavy, for the joint administrators Michael McAteer and Paul McCann of Grant Thornton, told the court that a report had been prepared by Michael Collins SC and Paul Gallagher SC covering the matters of guarantees and reserves, and it was considered appropriate that the case should go ahead. The Irish Times