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Re Sigma Finance Corp
''Re Sigma Finance Corporation'' () (UKSC 2 ) in an English contract law case, and the first substantive decision in the Supreme Court of the United Kingdom, concerning principles of interpretation. Lord Walker said although he "was one of those who gave permission for a further appeal (as it then was, to the Appellate Committee of the House of Lords) I find, on closer consideration, that the case involves no issue of general public importance."〔() UKSC 2, ()〕
==Facts==
Sigma Finance Corporation (Sigma) was a limited purpose finance company (similar but different from a structured investment vehicle (SIV)) established to invest in certain types of asset-backed securities and other financial instruments, and aimed to profit from the difference between the cost of funding its activities and the returns made on its investment portfolio. Its activities were much like a very simplified form of banking, although with less than half the leverage of a traditional bank and without any exposure to interest rate or foreign currency exchange rate risk. However, due to the impact on the financial markets stemming from the sub-prime mortgage market in the United States of America, on the value of asset backed securities generally, despite Sigma having no exposure to US subprime mortgages, there was a "run" by short term lenders to all non-banks. This resulted in forced selling by many investors at the same time causing the value of Sigma’s assets to fall short of the amount it needed to pay the secured creditors. Following an auction in December 2008 the values achieved fell far short of the amounts required to satisfy the secured creditors, let alone the unsecured creditors. All of Sigma’s assets were secured under a security trust deed (STD) in favour of those creditors investing in and through Sigma.
The STD provided that in such an event there should be a 60 day realisation period during which the trustees should use Sigma’s assets to create, as far as possible, two pools of funds relating to its short- and long-term liabilities. However, the final sentence in Clause 7.6 of the STD also provided that, "During the Realisation Period the Security Trustee shall so far as possible discharge on the due dates realisable or maturing Assets of the Issuer."
Various classes of creditors, both secured and unsecured, brought actions against Sigma and a dispute arose as to the correct application of the STD given that Sigma has insufficient funds to satisfy all of its creditors and had failed to meet a margin call. Certain creditors argued that the clause required Sigma’s receivers to allocate assets to its short-term liabilities ''pari passu'' i.e. equally and without preference; other creditors argued that a ‘pay as you go’ approach should be adopted with assets allocated according to the dates on which liabilities fell due, starting with the earliest.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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