[ad_1]
TORONTO, March 29 (Reuters) – The Ontario Exceptional Court docket of Justice accepted the termination of the sale method of personal financial institution Bridging Finance Inc (BFI) on Friday, enabling receiver PriceWaterhouseCoopers (PwC) to transfer ahead with liquidating the company’s property.
The court docket get was posted to the receiver’s website on Tuesday.
In before submissions, PwC experienced claimed that liquidation “supplies higher upfront liquidity and optionality” than the bids it experienced gained.
BFI and a spokesperson for previous Chief Government David Sharpe did not quickly answer to requests for comment. BFI experienced managed about C$2 billion ($1.6 billion) at the end of December 2020.
The court docket appointed PwC as receivers for BFI final calendar year, just after the Ontario Securities Fee (OSC) said an investigation experienced observed that the Toronto-primarily based firm and Sharpe mismanaged and misappropriated expenditure resources.
($1 = 1.2512 Canadian dollars)
(Reporting By Nichola Saminather Enhancing by Marguerita Choy)
((Nichola.Saminather@thomsonreuters.com +1 647 480 7519))
The views and views expressed herein are the sights and opinions of the creator and do not necessarily reflect all those of Nasdaq, Inc.
[ad_2]
Supply website link