Ernst & Young is on standby to act as receiver to Sigma Finance, the collapsed $27bn debt vehicle, according to people close to the matter, although there is uncertainty about when an appointment could be made.

The last surviving independent structured investment vehicle ceased trading on Wednesday after JPMorgan, one of its biggest-single counterparties, declared a default on its funding line to Sigma. At least one other bank then also filed a notice of default, while others filed extra margin calls.