TORONTO, March 29 (Reuters)The Ontario Top-quality Court of Justice permitted the termination of the sale procedure of private loan company Bridging Finance Inc (BFI) on Friday, enabling receiver PriceWaterhouseCoopers (PwC) to go in advance with liquidating the company’s property.

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

In previously submissions, PwC had reported that liquidation “presents higher upfront liquidity and optionality” than the bids it had obtained.

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

The court appointed PwC as receivers for BFI final year, right after the Ontario Securities Commission (OSC) explained an investigation experienced discovered that the Toronto-dependent enterprise and Sharpe mismanaged and misappropriated expense cash.

($1 = 1.2512 Canadian bucks)

(Reporting By Nichola Saminather Modifying by Marguerita Choy)

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