TORONTO, March 29 (Reuters) – The Ontario Top-quality Court docket of Justice approved the termination of the sale approach of personal loan provider Bridging Finance Inc (BFI) on Friday, enabling receiver PriceWaterhouseCoopers (PwC) to transfer forward with liquidating the company’s belongings.
The court docket purchase was posted to the receiver’s web page on Tuesday.
In previously submissions, PwC experienced claimed that liquidation “presents better upfront liquidity and optionality” than the bids it experienced gained.
BFI and a spokesperson for former Main Government David Sharpe did not immediately react to requests for comment. BFI experienced managed about C$2 billion ($1.6 billion) at the stop of December 2020.
The court appointed PwC as receivers for BFI past yr, right after the Ontario Securities Commission (OSC) explained an investigation experienced located that the Toronto-centered firm and Sharpe mismanaged and misappropriated financial investment funds.
($1 = 1.2512 Canadian pounds)
(Reporting By Nichola Saminather Enhancing by Marguerita Choy)
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