A court has extended a freeze on a $2 million dividend Storm Financial’s founders paid to themselves shortly before the company went into administration.

The Australian Securities and Investments Commission (ASIC) on Wednesday sought an order in the Brisbane Supreme Court to freeze the payment, made by Emmanuel and Julie Cassimatis, until March 25.

The dividend was paid into a Westpac bank account on December 15 shortly before the north Queensland-based financial advice company, founded by the couple, went into administration.

ASIC was previously successful in freezing the payment on February 3.

ASIC’s lawyers previously told the court the couple knew the company was in trouble and acted improperly by paying themselves the dividend, which is under investigation by the corporate watchdog.

The couple argued it was a correctly paid dividend.

AAP