To ask what happens to a business when their bank goes into administration?

[MachboosRubyanAnne]

This has happened to my workplace and they have no access to money, or any idea if they will ever get the money back. So worried I will lose my job. What is the most likely outcome here? Google throws up nothing

J Hunt was on Sky this morning saying they have been working on a plan since Friday to help companies pay their staff.
So hopefully the government will step in to some degree and there may be protection for a certain amount of funds from the bank governing body.

Is it SVB? I can only speculate. I think the government may be looking at a bailout?

as i understand it, investors have been told there will be investigations into how far investments might be affected. It being a US bank, it's hard to call because I don't know how the process works there.

I'm sorry, I know it must be worrying. I've a friend who just left a secure job to join a tech start up. I haven't heard from him but think he will be in the same position.

www.goodwinlaw.com/en/insights/publications/2023/03/03_11-the-silicon-valley-bank-uk-insolvency
see the section (for companies) on what to do if your working capital is tied up in SVB - the directors of your company will (hopefully) be very urgently seeking other sources of liquidity if all of their cash was with SVB. It is a serious situation but there are possible options that could stave off disaster, depending on their specific circumstances. I hope you get good news - it must be very worrying.

Thanks all

I see this morning HSBC have bought SVB (it’s it was that bank!). I take it this is a good thing? I have ZERO knowledge about banking if you can’t tell