Blockchain and settlement payments technology specialist SETL has announced the completion of its corporate restructuring and has exited administration.
The firm appointed administrators from Quantuma in early March to restructure its business lines after SETL was unable to supply sufficient capital to sustain its investments in the ID2S (a regulated central securities depository) and IZNES (a record-keeping platform for European funds) platforms.
The previous business entity (SETL Development) is now in the process of being wound down, while the management of the newly-formed SETL Ltd business has acquired the operating assets, the staff and intellectual property rights of the old business.
SETL has appointed a new board of directors to be led by Sir David Walker, the former chairman of Barclays. Walker and Christian Noyer, honorary governor of the Banque de France, have been appointed chairman and lead independent director respectively of SETL.
Also joining the new firm as its management team are Philippe Morel as chief executive, Peter Randall as president, and Nick Pennington as chief technology officer.
“The objectives of the appointment of Quantuma by the Board were twofold,” said Walker. “Firstly, to act as a neutral party to represent the interests of all its creditors and stakeholders. Secondly, to help shape the future structure to enable the firm to balance its strategic infrastructure holdings and continue its software development activities. I am delighted to report that both objectives have been achieved and well within the target timeframe.”
The new SETL business will focus on proving “blockchain-based solutions across a broad range of commercial cases in partnership with existing financial service providers”, according to the firm.