Announcement by Receivers
April 01 2009 - 10:14AM
UK Regulatory
TIDM47UI
RNS Number : 9434P
Sigma Finance Corporation
01 April 2009
For Immediate Release
1 April 2009
COMPANY ANNOUNCEMENT
SIGMA FINANCE CORPORATION (IN RECEIVERSHIP)
The receivers of Sigma Finance Corporation (in Receivership) (the "Company"),
being A. R. Bloom, M. E. Mills and S. J. Harris each of Ernst & Young LLP (the
"Receivers") have today made the following announcement.
Capitalised terms used and not otherwise defined herein have the meanings given
to them in the Amended and Restated Security Trust Deed dated 27 March 2003 (the
"Security Trust Deed").
Court Applications - Background
The Receivers have previously made an announcement regarding the Court of
Appeal's decision in relation to the meaning of the closing words of Clause 7.6
of the Security Trust Deed. As outlined previously and in summary, the Court of
Appeal dismissed the appeals by Party B, Party C and Party D and upheld the
order of the High Court requiring the Receivers to apply the Assets and/or
proceeds of realisation thereof to discharge the Short Term Liabilities falling
due for payment during the Realisation Period, in the order in which they fell
due.
On 16 February 2009 the Receivers announced that the House of Lords had granted
leave to Party B, Party C and Party D to appeal the Court of Appeal's decision.
Hearing date set for appeal to House of Lords
The Receivers have now been informed that the appeals filed by Party B, Party C
and Party D have been listed for hearing before the House of Lords on 1 and 2
July 2009.
The Receivers will make a further announcement once a decision has been handed
down by the House of Lords.
The Receivers act as agents of the Company at all times and without personal
liability.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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