If I am not mistaken, the £1 would typically be distributed between all of SVB UK's current shareholders. If SVB UK is 100% owned by the SVB parent company, and SVB parent is bankrupt, the £1 will get added to the funds that will make the SVB parent's creditors "whole", who outrank shareholders in bankruptcy.

And yes, the £1 has to get actually transferred, it is important for legal certainty e.g. with regard to https://en.wikipedia.org/wiki/Consideration_under_American_l....

I believe it will be acting as the "consideration" that UK contract law requires for a contact to be deemed valid.

It's called a peppercorn: https://en.wikipedia.org/wiki/Peppercorn_(law)

Doesn't really matter. Whoever gets it will probably drop it and lose it at some point when he buys a soda or empties his pockets for the washing machine

The Bank of England apparently took over that subsidiary, so if the money is actually paid, it will be paid to them.

it gets converted into a snickers bar and ceos publicly split it in half and eat it.