Tycoon Sean Quinn has accepted the Irish Financial Regulator's decision to put his beleaguered insurance division in permanent administration.
The High Court in Dublin was told Quinn Insurance would be run by two outside managers with the aim of protecting jobs and putting the business back on a sure financial footing.
In a hastily arranged sitting at the Four Courts, president of the High Court Nicholas Kearns said he believed the administrators were aware of the concerns of employees.
"It was important to stress that it is part of the stated function of the administrators to carry it (Quinn Insurance) on as a going concern with a view to placing it on a sound commercial footing," the judge said.
"No employment contract is determined by the appointment."