Blockchain Firm SETL Sidesteps Insolvency to Return as Leaner New Entity

london
3 May 2019

Blockchain infrastructure firm SETL Development Ltd., which filed for insolvency in March, is back as a trimmed-down new entity formed by its management team.

The new company, SETL Ltd., said Friday that it has now acquired the operating assets, staff and intellectual property (IP) rights of the old entity. Further, the company has reached an agreement with “all major clients” to continue the firm’s previous support and development activities.

SETL Development Ltd, which went into administration in March, is now being wound down.

At the time, the the firm said it had filed for insolvency because its finances were not adequate to meet the regulatory requirements for both SETL and its ID2S central securities depository (CSD) initiative. It added it was seeking to place ID2S with “a larger financial services firm.”

Sir David Walker, chairman of SETL Ltd., said today that the two objectives of appointing its administrator, Quantuma LLP, “to help shape the future structure to enable the firm to balance its strategic infrastructure holdings and continue its software development activities” have been met within the expected timeline.

The new entity said it has also restructured its balance sheet and simplified its business model, and will now offer blockchain-based solutions across different areas to deliver “robust” financial performance for its shareholders.

Executives from the first iteration of the company now occupy positions in SETL Ltd. including Philippe Morel as CEO (formerly also CEO), and Peter Randall (who founded the original firm in 2015) as president. Sir Walker was also chairman of the old SETL.

The firm’s also appointed Philip Bond, professor at Manchester University, to its board. Bond previously headed SETL’s cryptography and cyber security committee and will direct the same activities at SETL Ltd. going forward.

SETL notably received a license from France’s securities regulator to operate its ID2S CSD last October.

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