TORONTO, March 29 (Reuters) – The Ontario Excellent Court of Justice permitted the termination of the sale approach of private lender Bridging Finance Inc (BFI) on Friday, enabling receiver PriceWaterhouseCoopers (PwC) to go in advance with liquidating the company’s assets.
The court get was posted to the receiver’s web-site on Tuesday.
In before submissions, PwC had stated that liquidation “offers better upfront liquidity and optionality” than the bids it experienced acquired.
BFI and a spokesperson for previous Main Govt David Sharpe did not immediately respond to requests for comment. BFI had managed about C$2 billion ($1.6 billion) at the conclusion of December 2020.
The court docket appointed PwC as receivers for BFI last yr, immediately after the Ontario Securities Commission (OSC) mentioned an investigation experienced discovered that the Toronto-dependent business and Sharpe mismanaged and misappropriated expenditure resources.
($1 = 1.2512 Canadian bucks)
(Reporting By Nichola Saminather Editing by Marguerita Choy)
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