TORONTO, March 29 (Reuters) – The Ontario Superior Court of Justice permitted the termination of the sale system of non-public financial institution Bridging Finance Inc (BFI) on Friday, enabling receiver PriceWaterhouseCoopers (PwC) to move ahead with liquidating the company’s property.
The courtroom buy was posted to the receiver’s web-site on Tuesday.
In earlier submissions, PwC experienced stated that liquidation “provides higher upfront liquidity and optionality” than the bids it had received.
BFI and a spokesperson for previous Main Govt David Sharpe did not instantly respond to requests for remark. BFI had managed about C$2 billion ($1.6 billion) at the close of December 2020.
The court appointed PwC as receivers for BFI final 12 months, right after the Ontario Securities Fee (OSC) reported an investigation had identified that the Toronto-based business and Sharpe mismanaged and misappropriated expense resources.
($1 = 1.2512 Canadian bucks)
(Reporting By Nichola Saminather Enhancing by Marguerita Choy)
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