Law firms that took out professional indemnity insurance (PII) policies with stricken Irish company Quinn Insurance are still in the dark about when claims will be paid.

Assets of Quinn Insurance were sold by its administrators last week, to a joint venture between Liberty Mutual and JV Newco.

However, the administrators remain in control of existing and future UK business, including PII, after investors expressed ­concern about the scale of operating losses, confirmed last week as €559m (£497m) for 2009.

The concern for UK solicitors who took out PII policies with Quinn is whether there will be any delay in settling claims.Frank Maher, partner at Liverpool firm Legal Risk, said: ‘Claims will be met in full, the concern is whether they will be paid up front or whether solicitors may have to fund the claims and then sit back and await reimbursement, which for small firms could push them over the brink, particularly in the current economic climate where small firms are besieged from all sides.’

If Quinn is not able to meet claims, responsibility is likely to fall to the government-backed Irish Compensation Fund.

Quinn ceased writing any new policies after it went into administration in April 2010, when Grant Thornton was appointed administrator.