On March 10, 2023, Silicon Valley Bank (SVB) was closed by the California Department of Financial Protection & Innovation and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. To protect depositors, the FDIC transferred all the deposits and substantially all of the assets of Silicon Valley Bank to Silicon Valley Bridge Bank (SVBB).

Dentons partners John Salmas and Kenneth Kraft are serving as legal counsel to the Receiver in the Winding-Up and Restructuring Act (Canada) liquidation proceedings (“WURA proceedings”) in connection with SVB’s Canada Branch. Dentons also assists the Receiver in matters relating to the United States receivership proceedings of SVB and SVBB, as they relate to the Canadian WURA proceedings.

PriceWaterhouseCoopers Inc. (PwC) is acting as the liquidator of the Silicon Valley Bank Canada Branch. Osler Hoskin & Harcourt LLP is serving as counsel to PwC. McCarthy Tetrault LLP is serving as legal counsel to Silicon Valley Bridge Bank and the National Bank of Canada.