SETL, the London-based institutional payment and settlement infrastructure provider using blockchain technology, has started a corporate reorganisation after completing the development of its ID2S and IZNES platforms in Paris.
As part of the reorganisation, the board of SETL has appointed Quantuma LLP as an independent administrator.
Quantuma's role will be to help shape the future structure, enable the company to balance its strategic infrastructure holdings and continue its software development activities on business as usual basis.
SETL made significant capital contributions to ID2S, the regulated central securities depository (CSD). In October last year, the platform successfully completed its T2S connection testing and was fully approved under the Central Securities Depository Regulation.
Sir David Walker, SETL’s chairman, said: “Separating the software development business from the investments portfolio is a highly complex process, requiring expert, experienced and neutral management of the interests of all the creditors and stakeholders. The directors are all fully engaged and aligned in this approach.”
Andrew Andronikou, joint administrator and Quantuma partner, added: “This marks a significant moment for SETL and we are honoured to have been entrusted to work on behalf of the business and its investors. We are highly experienced in navigating these milestones to ensure that businesses are fit for the future and look forward to helping SETL in its quest for growth.”
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