SIGMA FINANCE CORPORATION (IN RECEIVERSHIP)
The receivers of Sigma Finance Corporation (in receivership) ("Sigma" or the "Company") being A. R. Bloom, M. E. Mills and S. J. Harris of Ernst & Young LLP (the "Receivers") have today made the following announcement.
Capitalised terms used in this announcement and not otherwise defined have the meanings given to them in the Amended and Restated Security Trust Deed dated 27 March 2003 (the "Security Trust Deed") between the Company and Deutsche Trustee Company Limited (the "Security Trustee").
Since the last update provided to Beneficiaries, the Joint Receivers have undertaken such further steps as they considered appropriate in the conduct of the Receivership. The Joint Receivers are now at the stage where they consider, after consultation with the Security Trustee, that the next steps should be to draw the Receivership to a close, and to make arrangements for the orderly conclusion and closure of the Company's affairs.
The Joint Receivers anticipate that the closure process will involve taking steps to put the Company into liquidation in the Cayman Islands (its place of incorporation), with a view to dissolving the Company. It will also involve bringing the Receivership to an end and the final distribution from the Company's remaining assets pursuant to the terms of the Security Trust Deed. It will be appreciated that, following these steps, the Company will not have discharged all of the amounts due to Beneficiaries as a result of a deficiency in available funds.
At the present time, the Receivers are unable to provide a specific timeframe around this process due to the complex nature of the Company's affairs and it is not anticipated at this stage that any final distribution will be made to Beneficiaries during 2020.
Please email email@example.com if you have any queries regarding this announcement.
Please note that nothing in this document is intended to amount to an invitation or inducement to engage in investment activity. Nothing in this document amounts to the giving of advice. If you are in any doubt as to the action you should take, you should consult a professional adviser.
The Receivers act as agents of Sigma and without personal liability.
The Joint Receivers contract only as agents of the Company and without personal liability.
The Institute of Chartered Accountants in England and Wales authorises S J Harris, A R Bloom, and M E Mills to act as Insolvency Practitioners under section 390(2)(a) of the Insolvency Act 1986.
The Joint Receivers and Managers may act as data controllers of personal data as defined by the General Data Protection Regulation 2016/679, depending upon the specific processing activities undertaken. Ernst & Young LLP and/or the company may act as a data processor on the instructions of the Joint Receivers and Managers. Personal data will be kept secure and processed only for matters relating to the Joint Receivers’ and Managers’ appointment. The Office Holder Data Privacy Notice can be found at www.ey.com/uk/officeholderprivacy.
END OF ANNOUNCEMENT