LIVERPOOL architect Austin-Smith:Lord fighting for survival after payments from an Abu Dhabi client dried up.
Austin-Smith:Lord (ASL), which can trace its history back to 1949, will ask creditors next week to support a Company Voluntary Arrangement (CVA) to ensure it can continue in business.
A CVA, if approved by 75% in value of a company’s creditors, allows it to continue trading on the understanding that clients and customers will get back a percentage of, if not all, monies owed over an agreed term.
It is seen as an alternative to allowing a firm to collapse with no prospect of a return for creditors.
The problem is linked to a huge contract in Abu Dhabi where ASL has been principal architect for the past four years on the Qasr al Hosn Cultural Quarter.
