Banking Investment News

Financial services blockchain SETL emerges from administration

setl

SETL the London-based blockchain firm that’s behind IZNES the French platform for trading investment funds, has emerged from administration, the UK insolvency procedure. In March the company voluntarily sought protection from its creditors. A new company SETL Ltd has bought the assets and IP from the previous firm SETL Development Ltd which is being wound down.

The new company will continue to support the existing clients. The company says it plans to offer blockchain-based solutions across a broad range of use cases in partnership with existing financial services providers. Hence it no longer intends to be a regulated entity.

It is believed that its interests in IZNES and central security depositary ID2S are being sold and the net proceeds will contribute to the new company’s capital. ID2S is a joint venture with French telecoms company Orange.

Sir David Walker the former Barclays chairman, who was chairman of the previous company is the new chairman. And Christian Noyer, Honorary Governor of the Banque de France is the lead independent director. The management team, which is the same as before, are all shareholders, but it’s unclear whether there are any outside shareholders.

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

SETL was also drawn into a controversy involving the new Australian blockchain settlement system CHESS being developed by the stock exchange ASX. Computershare, the biggest outside shareholder in the original SETL company, is one of several companies to have filed a competition complaint against ASX. SETL is also exploring entering the Australian market.


Image Copyright: SETL