Caribbean Court of Justice's video: BBCV2019 005- Sigma Construction Inc v Birch and Ors

The genesis of this matter arose following to a loan given by Kaupthing Singer & Friedlander Ltd (KSF) in 2006 to the 1st – 6th Respondents in the amount of US$10 million. The loan was secured by a Deed of Charge on a parcel of land owned by the 1st – 6th Respondents. Four years later, Sigma commenced an action against the 1st – 6th Respondents seeking damages and costs and notified KSF and the Court of its application for a charging order over the same parcel of land held pursuant to the loan. In 2010 Sigma obtained judgment in their favour. KSF sought to obtain the debt owed to them and Sigma responded by filing an action seeking certain declaratory reliefs. The essence of Sigma’s application was that the loan made by KSF to the 1st – 6th Respondents was illegal since KSF did not possess a licence under the Financial Institutions Act of Barbados permitting them to engage in banking business. Therefore, the debt owed to KSF was not a charge on the said property. On 20 June 2016, the High Court granted summary judgment in favour of KSF and also awarded them costs. In response to Sigma’s notice of appeal, KSF argued that the High Court’s order was interlocutory in nature and therefore Sigma must first obtain leave to appeal. Sigma then filed its application for leave to appeal the High Court’s decision out of time. The Court of Appeal refused to grant leave having found that it took over 4 months for Sigma to file the correct application and with no proper reason being given to the Court and further that the interests of justice did not warrant a grant of leave. Sigma is now seeking special leave to appeal this decision.