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THE FORMER AUDITORS OF Quinn Insurance plan to “vigorously defend” an action taken against them in the Commercial Court.
The joint administrators of Quinn Insurance, Grant Thornton, are suing the firm’s former auditors, Pricewaterhouse Coopers (PWC), for €1 billion over alleged negligent auditing.
Justice Peter Kelly granted an application for the case to be fast-tracked to the Commercial Court today with PWC consenting to proceedings.
However in a statement issued this afternoon, PwC Ireland said: “These proceedings are unjustified and devoid of merit.”
The administrators are taking the proceedings because, they argue, certain guarantees provided by the former owner of Quinn Insurance, the bankrupt businessman Seán Quinn, were not sufficiently examined by PwC.
The administrators also believe that the insurance arm of the Quinn empire did not have sufficient reserves but PwC says the the administrators’ affidavit “contains factual inaccuracies, misrepresentations of the facts and assertions with which we fundamentally disagree”.
“The circumstances behind the proceedings are complex and technical and involve many interrelated parties, including the Joint Administrators themselves. We stand by the quality of our audit work and we will vigorously defend these proceedings,” the PWC statement added.
Quinn Insurance was placed into administration in 2011 when it was estimated that it would cost the taxpayer some €738 million, but that figure has since risen to an estimated €1.6 billion.
The State’s controversial Insurance Compensation Fund sees a two per cent levy imposed on all home, motor and commercial insurance policies in the country in order to fund the administration of the insurer which was once the country’s largest.
Seán Quinn, whose business empire collapsed with the onset of the recession, has said that the business was placed into administration unnecessarily describing the estimated cost as “truly shocking”.
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Very interesting- well done to the author making life worth living again!
Very well put especially our minds can lie to us. Not just addiction, I often shook my head, slapped myself, threw water on my face to escape an unwelcome emotion. Took 10 years to find that statement, the mind can lie, before you get to do something it had already whispered the negative outcome. From that continuously they also rewire. On form, off form confidence or none, you can’t smack, splash a neuroconnection away easily. It’s a marathon task to change yourself from that cycle. A story that I hope others will see and find their own path.
The support available for eating disorders in Ireland is atrocious….3 public bed available to serve tens of thousands apparently. Average stint in a private hospital (about 8-12 weeks) is upwards of 50 grand. We’ve a lot to do. Great support available in uk.
@deisecelt: hospital beds are for those medically unwell though which is really restricted to those with a restrictive ED or anorexia nervosa. That would be a regular medical bed for which the usual ‘bed shortage’ issues apply. Treatment for binge eating disorder would be as an outpatient. Psychiatric beds for eating disorder are few and far between but again can’t see binge eating disorder requiring one unless part of a syndrome like Prader Willi and some other mental health issue at play.
Well done author for writing this so well. Food is accompanied with so many rewards both physically and socially, that’s where the danger is. It’s also one of the hardest addictions to stop because unlike smoking/drink/drugs, you can’t just abstain, you still need to eat. And the remorse you feel after binging is ridiculously strong. Not only women suffer through this also.
Thank you for sharing your story. The 12 Step programs share a success rate with inpatient programs for addictive disorders. And they are free, you may give a donation at your ability. You talk about connecting with your Higher Power. It is important for people to understand that some Judeo-Christian deity is not necessary. Twelve Step programs provide not only support but a structure for better dealing with stress and emotion.
Is purge vomiting or going out the other way. Do u need a laxative to expel it?
@Coole Swan: Vomiting if i remember my H.E. correctly
@Coole Swan: it’s either
@Coole Swan: both
The success rate of 12 step programs is abysmal to say the least. Studies have shown that only 5 percent of people stick with 12 programs after 12 month.
The 12 steps has a terrible success rate, studies have shown only 5 percent of people stick with a 12 step program after 12 months.
The success rate of 12 step programs is abysmal. Studies have shown that only 5%of people stick with 12 step programs after 12 months.
The success rate of 12 programs is abysmal. Studies have shown that only 5 %of people stick with 12 step programs after 12 months
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