Preston Whiteside's assets have been frozen by the High Court, following an action brought by Northern Irish brokers Laing & Co.
Laing & Co has also obtained a court order obliging Preston Whiteside to provide information on which policies have been validly insured, and which have not, by the end of today.
A Laing & Co statement read: "We would emphasise that this situation has arisen solely as a result of the actions or inactions of Preston Whiteside, which company prior to 16 January 2003, had always assured us that covers had been placed with insurers and that documents would follow in the usual way.
"Laing & Co is therefore taking every action to either confirm cover or obtain refund of clients' money."
