TORONTO, March 29 (Reuters) – The Ontario Exceptional Court of Justice approved the termination of the sale course of action of private financial institution Bridging Finance Inc (BFI) on Friday, enabling receiver PriceWaterhouseCoopers (PwC) to transfer ahead with liquidating the firm’s belongings.
The court purchase was posted to the receiver’s website on Tuesday.
In previously submissions, PwC experienced claimed that liquidation “supplies higher upfront liquidity and optionality” than the bids it had gained.
BFI and a spokesperson for previous Chief Govt David Sharpe did not right away answer to requests for remark. BFI had managed about C$2 billion ($1.6 billion) at the conclude of December 2020.
The courtroom appointed PwC as receivers for BFI last yr, just after the Ontario Securities Commission (OSC) claimed an investigation experienced discovered that the Toronto-based organization and Sharpe mismanaged and misappropriated investment decision money.
($1 = 1.2512 Canadian pounds)
(Reporting By Nichola Saminather Enhancing by Marguerita Choy)
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