Silicon Valley Bank (Canada)

Liquidation

_{Page last updated: September 17, 2024}

This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.

On March 15, 2023 (the “Appointment Date”), the Ontario Superior Court of Justice (Commercial List) (the “Court”) issued an order (the “Winding-Up Order”) which, among other things, (i) appointed PricewaterhouseCoopers Inc., LIT as liquidator (the “Liquidator”), without security, in respect of the winding-up of the business in Canada of Silicon Valley Bank (“SVB”) (the “Business”), and of the assets, as defined in the Bank Act, (together with the Business, the “Property”) and (ii) authorized the Liquidator to sell convey, transfer, lease, assign or otherwise realize upon the Property or any part of it (the “WURA Proceeding”).

Status of File as of September 20, 2024

On September 20, 2024, the Court issued the Interim Distribution and Claims Adjudication Order which, among other things:

1. Approved the appointment of the Honourable Dennis O’Connor of Borden Ladner Gervais LLP (“BLG”) as the Claims Officer to determine unresolved Claims and Employee Claims if they are not settled within a reasonable time period or in a manner satisfactory to Liquidator and the applicable Claimant, Common Law Employee Claimant or Statutory/Contractual Employee Claimant ; and
2. Authorized the Liquidator, in consultation with the U.S. Receiver, to make one or more distributions to Claimants, Common Law Employee Claimants or Statutory/Contractual Employee Claimants in respect of proven Claims, Common Law Employee Claims or Statutory/Contractual Employee Claims at such times, in such manner and in such amounts as the Liquidator considers appropriate, provided that the Liquidator continues to hold sufficient funds in reserve to satisfy the unresolved Claims and Employee Claims and the anticipated remaining costs of the WURA Proceedings.

Status of File as of September 17, 2024

On September 14, 2024, the Liquidator filed its motion with the Court for an order (the “Interim Distribution and Claim Adjudication Order”), to among other things:

1. Authorize the Liquidator to make one or more one or more distributions to holders of proven Claims, Common Law Employee Claims or Statutory/Contractual Employee Claims; and
2. Approving the appointment of the Honourable Dennis O’Connor, as claims officer (the “Claims Officer”) to determine the validity, classification, nature and/or amount of disputed Claims and Employee Claims.

On the same date, the Liquidator filed its Sixth Report (the “Sixth Report”) with the Court to provide the Court with information with respect to:

1. The activities of the Liquidator since the Liquidator’s Fifth Report dated October 17, 2023;
2. The receipts and disbursements of SVB Canada since the Date of Appointment to September 11, 2024;
3. An update the status of the Convertible Loan (as defined in the Sixth Report);
4. An update on the Claims Procedure; and
5. The Liquidator’s motion for the Interim Distribution and Claim Adjudication Order; and:
6. The planned next steps in this WURA Proceeding.

Status of File as of October 24, 2023

On October 24, 2023, the Court issued the Claims Procedure Order, among other things, establishing the Claims Procedure and appointing Ursel Phillips Fellows Hopkinson LLP as Employee Representative Counsel.

For more information on the Claims Procedure and materials related to the Claims Procedure, please go to the “Claims Procedure” page of this website.

Status of File as of October 17, 2023

On October 17, 2023, the Liquidator filed its motion with the Court for an order (the “Claims Procedure Order”), among other things, to

1. Establish a claims procedure (the “Claims Procedure”) for the identification, quantification, and resolution of Claims and Employee Claims as against SVB Canada and its current and former directors and officers;
2. Authorize the Liquidator to performs its obligations under the Claims Procedure Order;
3. Appoint Ursel Phillips Fellows Hopkinson LLP (“Employee Representative Counsel”) as employee representative counsel to represent the interests of all employees in the WURA Proceeding; and
4. Authorize the Liquidator to make one or more interim distributions to the United States Federal Deposit Insurance Corporation, in its capacity as receiver of SVB and the Bridge Bank.

On the same date, the Liquidator filed its Fifth Report with the Court to inform the Court of:

1. The activities of the Liquidator since the Liquidator’s Fourth Report;
2. Steps taken to close the National Bank Transaction and realize on the residual assets of SVB Canada;
3. An update on the closing of the Clearco Transaction;
4. The current status of SVB Canada;
5. The receipts and disbursements of SVB Canada to October 6, 2023; and
6. The proposed Claims Procedure and next steps in the WURA Proceeding.

The motion will be heard on October 24, 2023.

Status of File as of August 16, 2023

On August 11, 2023, the Court issued the Approval and Vesting Order, among other things, approving the National Bank Transaction.

On August 10, 2023, the Credit Facilities Sale was closed as approved in the Approval and Vesting Order, dated July 20, 2023.

Status of File as of August 3, 2023

On August 3, 2023, the Liquidator filed a motion with the Court for, among other things, an Approval and Vesting Order to approve the sale transaction (the “National Bank Transaction”) between the Liquidator, as seller and the National Bank of Canada, as buyer, for certain assets described in the Asset Purchaser Agreement, dated July 31, 2023 and appended to the Liquidator’s Fourth Report to the Court, dated August 3, 2023 (the “Fourth Report”).

On the same date, the Liquidator, filed its Fourth Report with the Court, to inform the Court of:

(a)  The activities of the Liquidator prior to and since the Third Report;

(b)  The current status of operations at SVB;

(c)   The receipts and disbursements of SVB since the Appointment Date to July 28, 2023;

(d)  The SSP and the National Bank Transaction; and

(e)  The next steps in the WURA Proceeding.

The motion will be heard on August 11, 2023.

Status of File as of July 20, 2023

On July 20, 2023, the Court issued

(a)  the Approval and Vesting Order, among other things, approving the Credit Facilities Sale; and

(b)  the Approval of Activities and Fees Order, among other things, approving the activities of the Liquidator and fees of the Liquidator and its legal counsel as set out in the Third Report.

Status of File as of July 14, 2023

On July 14, 2023, the Liquidator filed a motion with the Court for, among other things,

(a) an approval and vesting order in respect of the sale and assignment of certain credit facilities between Silicon Valley Bank and CFT Clear Finance Technology Corp.; and
(b) an order approving the activities and fees of the Liquidator and its legal counsel.

The motion will be heard on July 20, 2023

Status of File as of May 2, 2023

On May 1, 2023, the Court issued an order (the “SSP Approval Order”) approving the sale and solicitation process (the “SSP”) and authorizing and directing the Liquidator to conduct the SSP. More information about the SSP is available on the Sale and Solicitation Process page.[TM(1]