Mr Justice John Cooke made the order following an application by lawyers on behalf of the Financial Regulator.
The application was made under the 1983 Insurance act.
The court heard the Regulator took this action following serious concerns about the way the group was managing its affairs.
The Times reports
The court heard that the company had moved from a position where it had an excess of assets over liabilities of more than €200 million to a position where it had €200 million of liabilities over assets.
As if today wasn’t busy enough already.