Per the report, the United Kingdom-based startup has returned following its insolvency filing after its management bought the operating assets, the staff and the intellectual property rights of the company. As Cointelegraph previously reported, Setl filed for insolvency on March 7 with U.K. authorities.
Per the March announcement, the company also appointed business advisory firm Quantuma as their independent administrator. The announcement also pointed out that the company was “seeking to place its ID2S holding with a larger financial services firm, one better placed to provide the capital required to support the growth trajectory.”
According to Finextra, the newly formed Setl limited company has restructured its balance sheet and simplified its business-model aiming to provide blockchain services in partnership with existing financial service providers. Moreover, the operating costs of the company have been reportedly cut and its two development offices in Ipswich and London have been consolidated.
Former Barclays chairman David Walker has been appointed chairman, while honorary governor of the Banque de France Christian Noyer is the lead independent director of the new entity. The report cites Walker explaining what Quantuma’s objectives were:
“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.”
According to CrunchBase data, Setl has obtained $39 million of funding in three rounds, the last of which ended on Feb. 1, 2018.