Bankruptcy order granted against Victoria mortgage broker Martel

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A bankruptcy order was officially granted against Gregory Martel in B.C. Supreme Court in Victoria on Thursday, receiver PricewaterhouseCoopers said in a statement on its website.

The receiver said that there will be more information for stakeholders in coming days about Martel’s personal bankruptcy. Martel headed up My Mortgage Auction Corp. and other companies.

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As expected, the receiver is going ahead with a Sept. 11 application to have Martel declared in contempt of court.

PricewaterhouseCoopers is trying to track down $226 million provided by investors for short-term bridge loans for real estate deals. The receiver has heard from about 1,200 investors.

So far, the receiver has only found $302,000.

Martel’s location is unknown.

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