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Why were the Quinn Companies not put into Examinership


kkkkkkkkkk

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May 2, 2011
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1,641
Why were the Quinn Companies not put into Examinership

If the Quinn group of companies were in debt to whatever figure
why were they not put in examinership so they could trade their way out of problems
like so many other companies have done.

What was the need for the government to take them over and effectively nationalise these companies,
which then placed the Quinn debts directly onto the shoulders of the Irish people

Can anyone answer that ?

seems a bit strange
given that a lot of Quinn's businesses were and still are very profitable

have a read of this, incridible stuff
http://anglothetruth.files.wordpress...nglo-final.pdf



Larry Goodman went into examinership

Ten years ago, Larry Goodman, the man who controlled the Irish beef industry, watched as his empire teetered on the brink of collapse. He owed £300m to a consortium of 33 banks. Gradually he clawed his way back. The banks sold their debt to the Morens Waterfall venture fund. In 1997, Mr Goodman was able to replace the fund with a group of Louth businessmen: the McCanns, Frank and John Gleeson, Brendan McDonald and the Monaghans. Last week they sold their stake back to Mr Goodman who now owns 100 per cent of the company, Irish Food Processors.
 
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stanley

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Joined
Jun 20, 2007
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9,546
Why were the Quinn Companies not put into Examinership

If the Quinn group of companies were in debt to whatever figure
why were they not put in examinership so they could trade their way out of problems
like so many other companies have done.

What was the need for the government to take them over and effectively nationalise these companies,
which then placed the Quinn debts directly onto the shoulders of the Irish people

Can anyone answer that ?


No, tis like the Mystery at Fatima, just believe.
 

SPN

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The shares were pledged as collateral against the borrowings, so a Share Receiver was appointed.

Examinership was not really an option. Examinership is only used where the owners want to screw the creditors. In this case the owner wasn't trying to screw anyone. The brief from the taxpayer is to recover as much of the missing money as possible (with a secondary brief of keeping as many jobs going as possible).

The firms are trading their way out of their problems. The only difference is that the ownership now rests with the taxpayer rather than the people who got us into this mess in the first place.
 
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kkkkkkkkkk

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The shares were pledged as collateral against the borrowings, so a Share Receiver was appointed.

Examinership was not really an option.

The firms are trading their way out of their problems. The only difference is that the ownership now rests with the taxpayer rather than the gangsters who got us into this mess in the first place.

The Quinns placed their debts on the shoulders of the Irish people. Nobody forced them to do what they did.
Quinn gambled and lost
but he did not put his debts on the Irish people
the government at the time did that

am I wrong ?

why do you say examinership was not an option ?
 

bob3367

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Quinn gambled and lost
but he did not put his debts on the Irish people
the government at the time did that

am I wrong ?

why do you say examinership was not an option ?
Then why are everyone who needs insurance been levied due to the collapse of the Insurance Group?

Why didnt they ensure that they had enough reserves to cover potential losses?

Why was cash taken out of companies to cover some of the losses in other companies?

Why were they non compliant in just about everything they did, including the squirreling away of millions, despite court judgements?
 

kkkkkkkkkk

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Then why are everyone who needs insurance been levied due to the collapse of the Insurance Group?
Why did they not let Quinn Insurance Fail?
Then you would have no levy ?
 

lying eyes

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Do not worry, there will be an " expert Group " appointed to tell us all. We have expert groups all over the place, only trouble they are always found after the event. We seem to have these experts in abundance, yet we seem to feck everything up.....
 

bob3367

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The government nationalised Quinn Insurance, why did the government not let it fail ?
Then you would have no levy
Why not ask the government....?
 

kkkkkkkkkk

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Why not ask the government....?
The government made a few mistakes
maybe this is another
Quinn did not put the levy on the people
the Government did ?
 

Kevin Ryan

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Quinn gambled and lost
but he did not put his debts on the Irish people
the government at the time did that

am I wrong ?

why do you say examinership was not an option ?
Secured creditors are entitled to appoint receivers, especially when they have reason not to trust existing management to run the company and safeguard its assets.

Irish banks have made a lot of mistakes, but there is a mountain of evidence to vindicate that decision to go with receivership rather than examinership.

(And yes, I know Quinn has argued that regulated entities should not be the subject of receiverships, but he signed up to the loan agreements providing for the appointment of receivers, and never paid much respect himself to the duties that come with regulation, especially in the conduct of Quinn's insurance business.)
 

bob3367

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The government made a few mistakes
maybe this is another
Quinn did not put the levy on the people
the Government did ?
Yeah reason away with yourself.....I frankly couldnt be arsed.
 

collina

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Why did they not let Quinn Insurance Fail?
Then you would have no levy ?
Quinn Insurance did fail.

By whatever route afterwards, we were going to pay directly or indirectly for it.
 

kkkkkkkkkk

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Quinn Insurance did fail.

By whatever route afterwards, we were going to pay directly or indirectly for it.
why ?
it was a private company
why not let it go
instead of putting a levy on people
 

Ryan Tubbs

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The shares were pledged as collateral against the borrowings, so a Share Receiver was appointed.

Examinership was not really an option. Examinership is only used where the owners want to screw the creditors. In this case the owner wasn't trying to screw anyone. The brief from the taxpayer is to recover as much of the missing money as possible (with a secondary brief of keeping as many jobs going as possible)
What that guy said.

There was also the fact that the Quinn "plan" to trade their way out via Examinership was a load of fabricated fanciful nonsense.
 

kkkkkkkkkk

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What that guy said.

There was also the fact that the Quinn "plan" to trade their way out via Examinership was a load of fabricated fanciful nonsense.
the option was not on the table
why ?

Larry Goodman, McInerny's, and lots of other very indebted companies came out of examinership
 

FakeViking

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why ?
it was a private company
why not let it go
instead of putting a levy on people
Imagine if you were one of the UK teenagers/twenties (the Quinn target market) who bought cheap insurance from Quinn, and had a smash resulting in serious injury. Are you still entitled to an insurance payout?
 

kkkkkkkkkk

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looks like we are getting away from the main point

why were the Quinn companies not given the option of examinership
was there another reason ?
 

SPN

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looks like we are getting away from the main point

why were the Quinn companies not given the option of examinership
was there another reason ?
I have already explained to you; Examinership is (generally) where the owners want to unload some debt, some legal obligations, or some other burden in order to make the business viable and capable of trading profitably. The Courts have to decide if there is a public interest in the trade-off between restructuring the company (ie, screwing somebody) and giving the business a second chance.

The owners of the Quinn Group (the Share Receiver) did not see any reason to screw anyone via the Examinership process and has continued to trade away.
 

SPN

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The government nationalised Quinn Insurance, why did the government not let it fail ?
Then you would have no levy
The Government did not nationalise Quinn Insurance.

The Financial Regulator appointed administrators because it found some major faults in the way the company was being run, and that it was in breach of its legal obligations.

Central Bank of Ireland - Statement on Quinn Insurance and related Consumer Questions and Answers


If it had been left fail it would have cost us a significant amount of money over a prolonged period of time.
 

Disillusioned democrat

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Then why are everyone who needs insurance been levied due to the collapse of the Insurance Group?

Why didnt they ensure that they had enough reserves to cover potential losses?

Why was cash taken out of companies to cover some of the losses in other companies?

Why were they non compliant in just about everything they did, including the squirreling away of millions, despite court judgements?
Is the answer Patrick Neary?
 

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