Ontario court paves way for liquidation of lender Bridging Finance

TORONTO (Reuters) – The Ontario Superior Courtroom of Justice accepted the termination of the sale course of of personal lender Bridging Finance Inc (BFI) on Friday, enabling receiver PriceWaterhouseCoopers (PwC) to maneuver forward with liquidating the corporate’s belongings.

The court docket order was posted to the receiver’s web site on Tuesday.

In earlier submissions, PwC had mentioned that liquidation “offers better upfront liquidity and optionality” than the bids it had obtained.

BFI and a spokesperson for former Chief Government David Sharpe didn’t instantly reply to requests for remark. BFI had managed about C$2 billion ($1.6 billion) on the finish of December 2020.

The court docket appointed PwC as receivers for BFI final yr, after the Ontario Securities Fee (OSC) mentioned an investigation had discovered that the Toronto-based firm and Sharpe mismanaged and misappropriated funding funds.

($1 = 1.2512 Canadian {dollars})

(Reporting By Nichola Saminather; Enhancing by Marguerita Choy)