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TORONTO, March 29 (Reuters) – The Ontario Top-quality Court docket of Justice accredited the termination of the sale course of action of non-public lender Bridging Finance Inc (BFI) on Friday, enabling receiver PriceWaterhouseCoopers (PwC) to move in advance with liquidating the company’s assets.
The court get was posted to the receiver’s internet site on Tuesday.
In previously submissions, PwC experienced mentioned that liquidation “presents increased upfront liquidity and optionality” than the bids it experienced obtained.
BFI and a spokesperson for former Chief Govt David Sharpe did not instantly react to requests for remark. BFI had managed about C$2 billion ($1.6 billion) at the conclude of December 2020.
The court appointed PwC as receivers for BFI very last calendar year, right after the Ontario Securities Commission (OSC) stated an investigation had uncovered that the Toronto-dependent enterprise and Sharpe mismanaged and misappropriated investment funds.
($1 = 1.2512 Canadian dollars)
(Reporting By Nichola Saminather Editing by Marguerita Choy)
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