Several low boiling point materials are stored in closed vessels at ambient temperature, using their own vapour pressure to maintain a liquid state. These materials are often toxic, flammable, or both, and thus any uncontrolled release can have potentially disastrous consequences. There are many ways in which an accidental release can occur, the most severe being due to catastrophic vessel failure. Although not the most common, this mode of failure has the potential to result in an instantaneous loss of the entire vessel inventory in the form of a rapidly expanding, two-phase, vaporising cloud. This paper provides a comprehensive review of the physical processes of existing models and of available experimental and incident data to model such scenarios. Subsequently, this has enabled the development of an improved methodology for the characterisation of the source conditions following catastrophic vessel failures.