Blockchain Startup SETL Emerges From Administration After Insolvency Filing

Announcements, Blockchain, News | May 6, 2019 By:

London-based blockchain startup SETL has completed its corporate restructuring program.

SETL uses blockchain technology to provide institutional payment and settlement solutions. Its platform enables market participants to move cash and assets directly between each other, facilitating the immediate and final settlement of market transactions. The company was granted approval from the French securities regulator to run a Central Securities Depository (CSD) in October last year. The company is backed by Citi, Deloitte, Computershare and Credit Agricole, among others.

In March of this year, SETL filed for insolvency with the UK authorities. At the time, the company was “seeking to place its ID2S (regulated CSD platform) holding with a larger financial services firm, one better placed to provide the capital required to support the growth trajectory.” SETL Development Ltd also appointed an independent administrator in the form of business advisory firm Quantuma.

In its latest announcement, the company said that it has now emerged from administration after its management bought the operating assets, the staff and IP rights of SETL Development Ltd. The newly-formed SETL Ltd has reportedly reached agreement with all its major clients to continue its support and development activities and expects to push ahead now with a number of core initiatives.

The newly-formed entity will be led by Philippe Morel and will now offer blockchain-based solutions across a broad range of commercial cases in partnership with existing financial service providers and will continue to support infrastructures powered by SETL blockchain.

The new firm has appointed David Walker, ex-Chairman of Barclays PLC, and Christian Noyer, Honorary Governor of the Banque de France, as Chairman and Lead Independent Director, respectively. SETL Ltd also welcomes Professor Philip Bond, Professor at Manchester University, Visiting Professor at Bristol University and Visiting Fellow at Oxford University, to the Board. Bond previously headed SETL’s cryptography and cyber security committee and will now lead those activities from the Board and further board appointments are expected to be announced in due course.

“We wanted to act quickly, decisively and to reorganize with the best guidance and support possible,” Morel said. “Our administrators, board members, management and teams have all pulled together to get us in the best possible shape as quickly as possible.”