Ontario court paves way for liquidation of lender Bridging Finance – Reuters

TORONTO, March 29 (Reuters) – The Ontario Superior Court of Justice approved the termination of the sale process of private lender Bridging Finance Inc (BFI) on Friday, enabling receiver PriceWaterhouseCoopers (PwC) to move ahead with liquidating the company’s assets.

The court order was posted to the receiver’s website on Tuesday.

In earlier submissions, PwC had said that liquidation “provides greater upfront liquidity and optionality” than the bids it had received.

BFI and a spokesperson for former Chief Executive David Sharpe did not immediately respond to requests for comment. BFI had managed about C$2 billion ($1.6 billion) at the end of December 2020.

The court appointed PwC as receivers for BFI last year, after the Ontario Securities Commission (OSC) said an investigation had found that the Toronto-based company and Sharpe mismanaged and misappropriated investment funds.

$1 = 1.2512 Canadian dollars Reporting By Nichola Saminather Editing by Marguerita Choy

Next Post