Quinn administration costs cut by judge

Quinn Insurance’s administration costs have been cut by 20% by the president of the High Court in Dublin.

The bill of €2.75m (£2.29m) was being sought by the joint administrators, Michael McAteer and Paul McCann of Grant Thornton, according to the Irish Times.

The administrators were charging €475 an hour for their own work.

The pair needed court approval for the bill, which was for administration costs between 1 August and 30 November 2011.

The judge also approved the administrator’s bill for costs related to the sale of Quinn Insurance, but these figures were kept secret.