COURT HEARING HELD MONDAY ON LIQUIDATING NYGARD ASSETS

A hearing was held Monday in Manitoba’s Court of Queen’s Bench on how to begin liquidating assets owned by Winnipeg fashion mogul Peter Nygard, now that the province is reopening.

For sale signs can be seen in front of several Nygard stores in Winnipeg. (CTV News Photo Ken Gabel)

WINNIPEG — A hearing was held Monday in Manitoba’s Court of Queen’s Bench on how to begin liquidating assets owned by Winnipeg fashion mogul Peter Nygard, now that the province is reopening.

“As certain governments begin to respond to the COVID-19 pandemic by the lifting or amending of public health orders to loosen restrictions and gradually reopen businesses, the Receiver and the Consultant intend to commence with the Sale Approval Order,” reads a report submitted May 28 by the receiver Richter Advisory Group Inc.

Richter now controls nine Nygard companies that went into receivership last March. Since then, Justice James Edmond approved the sale of the Nygard group’s assets, to repay millions of dollars owed to lenders, but the pandemic has complicated the liquidation process.

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