Ontario court paves way for liquidation of lender Bridging Finance

TORONTO, March 29 (Reuters) – The Ontario Exceptional Courtroom of Justice accepted the termination of the sale process of personal financial institution Bridging Finance Inc (BFI) on Friday, enabling receiver PriceWaterhouseCoopers (PwC) to go forward with liquidating the firm’s belongings.

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

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

BFI and a spokesperson for former Chief Executive David Sharpe did not right away answer to requests for remark. BFI had managed about C$2 billion ($1.6 billion) at the finish of December 2020.

The court appointed PwC as receivers for BFI final yr, just after the Ontario Securities Fee (OSC) said an investigation had uncovered that the Toronto-based corporation and Sharpe mismanaged and misappropriated expense resources.

($1 = 1.2512 Canadian pounds)

(Reporting By Nichola Saminather Enhancing by Marguerita Choy)

((Nichola.Saminather@thomsonreuters.com +1 647 480 7519))

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