Austin-Smith Lord is hoping to settle its long-running payment wrangle with the Abu Dhabi client that saw it nearly go bust later this month.
The company entered a CVA in November 2011 in order to head off insolvency and in an update on the arrangement sent by accountant BDO, which is administering the CVA, creditors were told ASL has agreed to accept £1.9 million of the £4 million owed to it by Adach for its work on a cultural quarter in the Gulf state. The firm was previously offered £1.5 million last March.
Practice director Neil Chapman (pictured) said once a deal had been agreed with Adach, which has still to sign it off, then the CVA would finish: “We are getting very close to final resolution, hopefully in the next month or so. After Abu Dhabi is settled then it’s the end of the CVA.”
Austin-Smith Lord close to Abu Dhabi settlement | News | Building Design
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