Canada’s banking regulator moved the winding up order, which is a court order that forces an insolvent company into liquidation
Canada’s banking regulator has moved to wind up Silicon Valley Bank’s Canadian branch as one of the largest global tech financers struggles to find a buyer after its failure roiled markets and stoked concern around the stability of regional banks.
The winding up order – a court order that forces an insolvent company into liquidation – was approved on Wednesday morning, according to court documents. Canada’s banking regulator said Sunday that it had taken control of SVB Canada and that it planned to apply for a court order to wind up SVB’s Canadian operations – which also allows the liquidator to launch an auction to seek out bidders for the domestic operations.
SVB is a small lender in Canada. The tech financer had US$692-million in assets and US$349-million in outstanding loans in Canada as of December, according to OSFI filings.
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