Just two months after filing for insolvency, London-based blockchain infrastructure company SETL Development Ltd. has risen from the ashes under a new name, SETL Ltd., CoinDesk reports.
The new company retained much of the executive leadership team from its previous incarnation, including former CEO Philippe Morel, who will stay on as CEO of SETL Ltd. Also sticking around is Peter Randall, the previous firm’s founder, who will be president of the newly minted one.
In addition to retaining senior staff, the firm says it expects continuity of service, noting it’s made agreements with “all major clients,” and that it’s acquired the IP, staff and operating assets of the erstwhile SETL Development Ltd., which is currently in administration under Quantuma LLP as it winds down operations.
SETL Ltd. Chairman, Sir David Walker, said it chose to appoint Quantuma as administrator “to help shape the future structure to enable the firm to balance its strategic structure holdings and continue its software development activities.”
According to CoinDesk, for its part, SETL Ltd. says it’s altered its strategy for its second time up to bat, trimming its business model, reshaping its balance sheet and expanding its blockchain solutions offerings into new areas.