The collapse will have far reaching ramifications for many businesses and financial institutions across the UK

On Friday 10 March 2023 it was announced that the Bank of England intends to place Silicon Valley Bank UK Limited (SBV UK) into a Bank Insolvency Procedure following the collapse of its parent company, Silicon Valley Bank, in the US.

In Berryman v Zurich Australia Ltd [2016] WASC 196 it was decided that a bankrupt's entitlement to claim a TPD benefit under a life insurance policy is not an entitlement that is divisible amongst the bankrupt's creditors, and therefore such an entitlement does not vest in the Official Trustee in bankruptcy. Tottle J of the Supreme Court of Western Australia ruled that the bankrupt insured could continue an action in his own name to recover the TPD benefit. Life insurers may need to adjust their claims' payment practices in light of the Berryman decision.