Austin-Smith Lord paid £2.4m by client

摘要

Austin-Smith Lord has been paid £2.4 million by its client on the suspended Abu Dhabi cultural project that has caused mass redundancies at the practice. But the cash, a fifth of the £11.3 million it is owed by the Abu Dhabi Authority for Culture & Heritage (ADACH), is not enough to halt the insolvency process. A creditors' meeting is scheduled for Monday when a vote will be taken on whether to allow Austin-Smith Lord to enter a company voluntary agreement (CVA). If three-quarters of the creditors who vote agree to the arrangement, it will come into force allowing the practice to continue trading, protected from any winding-up petitions. Austin-Smith Lord partner Neil Chapman said the payment was a great encouragement.