Distressed blockchain settlement startup SETL has emerged from administration after its management bought the operating assets, the staff and IP rights of SETL Development (in Administration) Ltd, that is being wound down.
Founded by former Chi-X Europe chief Peter Randall, SETL filed for insolvency in March this year.
The Board appointed Quantuma as an independent administrator, with a view to finding a way for the company to balance its strategic infrastructure holdings and continue its software development activities on a business as usual basis.
The newly-formed SETL Ltd has restructured its balance sheet and simplified its business-model to offer blockchain-based services across a range of commercial use cases in partnership with existing financial service providers. The firm's cost base has also been slashed, consolidating its development centres to two sites in Ipswich and London.
Sir David Walker, ex-chairman of Barclays, and Christian Noyer, honorary governor of the Banque de France have been appointed chairman and lead independent director of the new entity.
Says Walker: “The objectives of the appointment of Quantuma LLP by the Board were twofold. 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.”