Ontario court paves way for liquidation of lender Bridging Finance

TORONTO, March 29 (Reuters) – The Ontario Superior Court of Justice permitted the termination of the sale approach of private loan company Bridging Finance Inc (BFI) on Friday, enabling receiver PriceWaterhouseCoopers (PwC) to shift forward with liquidating the firm’s assets.

The court buy was posted to the receiver’s web-site on Tuesday.

In earlier submissions, PwC had reported that liquidation “delivers increased upfront liquidity and optionality” than the bids it had acquired.

BFI and a spokesperson for previous Main Government David Sharpe did not straight away react to requests for comment. BFI experienced managed about C$2 billion ($1.6 billion) at the stop of December 2020.

The courtroom appointed PwC as receivers for BFI last year, after the Ontario Securities Fee (OSC) claimed an investigation had found that the Toronto-based mostly company and Sharpe mismanaged and misappropriated financial investment money.

($1 = 1.2512 Canadian pounds)

(Reporting By Nichola Saminather Enhancing by Marguerita Choy)

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