Troubled architect received a part-payment of £2.4m from the Abu Dhabi Authority for Culture & Heritage late last week
Financially troubled architect Austin-Smith:Lord has been paid over 20% of the money it is owed by the Abu Dhabi Authority for Culture & Heritage, taking it a step to closer to financial rescue.
The architect is trying to broker a deal with its creditors to allow it to continue trading following an outstanding payments from the Abu Dhabi Authority for Culture & Heritage totalling £11.3m for work on Abu Dhabi’s cultural quarter.
Today ASL announced it received £2.4m from the client late last week.
Partner Neil Chapman said: “While this is welcome news, the sums received to date are unlikely to have any impact on the voluntary arrangement programme.”
“However, it does offer obvious encouragement for both Austin-Smith Lord and its creditors going forward and on the understanding that avoiding a voluntary arrangement is in the best interest of all, including the client, the practice will be keen to see further movement of funds as soon as possible,” he added.
Austin-Smith:Lord has already taken the decision to close its Abu Dhabi office, resulting in 13 redundancies and further 40 people in its London office have lost their jobs becasue of the lack of funds.