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Page last updated: October 24, 2023
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”).
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.
On October 17, 2023, the Liquidator filed its motion with the Court for an order (the “Claims Procedure Order”), among other things, to
On the same date, the Liquidator filed its Fifth Report with the Court to inform the Court of:
The motion will be heard on October 24, 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.
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.
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.
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
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]
Silicon Valley Bank (Canada)
Insolvency assignment, PwC Canada
Tel: (416) 687-9041