SETL Ltd, the now London-based institutional payment and settlement infrastructure provider using blockchain technology, today announced the completion of its corporate restructuring plan.
At the beginning of March this year, the previous entity, SETL Development Ltd (in administration), announced that it had appointed Quantuma LLP as its administrators.
Under the direction of its CEO, Philippe Morel, who joined in 2018, SETL Ltd has considerably restructured its cost-base, refocused its operations in London and the Ipswich development center, and expects now to deliver healthy financial performance for its shareholders.
“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.”
The newly-formed SETL Ltd, has acquired the operating assets, the staff and IP rights of SETL Development (in Administration) Ltd, that is being wound down.
SETL Ltd has reached an 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.
After restructuring its balance sheet and simplifying its business model, SETL Ltd 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.
“We wanted to act quickly, decisively and to reorganize with the best guidance and support possible. Our administrators, board members, management and teams have all pulled together to get us in the best possible shape as quickly as possible.”
Sir David Walker, ex-Chairman of Barclays PLC, and Christian Noyer, Honorary Governor of the Banque de France – both instrumental in guiding the management through the restructuring process – have been appointed Chairman and Lead Independent Director respectively of SETL Ltd. SETL Ltd also welcomed Professor Philip Bond, Professor at Manchester University, Visiting Professor at Bristol University and Visiting Fellow at Oxford University, to the Board. Professor Bond previously headed SETL’s cryptography and cybersecurity committee and will now lead those activities from the Board and further board appointments are expected to be announced in due course.
SETL Ltd is welcoming as shareholders and founders: Philippe Morel (CEO), Anthony Culligan (Chief Engineer), Peter Randall (President), Nick Pennington (CTO), Katherine Kennedy (General Counsel) who will also serve as executive directors.