Austin-Smith Lord’s creditors have approved the firm’s company voluntary agreement (CVA) following a meeting on Friday.

The move means the 62-year-old practice will continue to trade, working under a business plan agreed with creditors including Arup, Buro Four and its own redundant staff.

Jennifer Dixon, a partner in Austin-Smith Lord’s London office, told BD: “We could demonstrate a viable underlying plan, and the creditors will benefit much more from us being around to collect the debts.”

It has been agreed that the creditors will be paid 85 pence for every ￡1 they are owed.

Austin-Smith Lord was forced to enter into the CVA after it emerged last month that its Abu Dhabi client, the Abu Dhabi Authority for Culture & Heritage, owed it more than ￡11.3 million. The practice was working on a cultural quarter in the city centre.

Since then it has made more than 80 staff redundant and closed its Abu Dhabi project office.

“The message is if they [Abu Dhabi Authority for Culture & Heritage] keep paying then the creditors will get close to being paid in full,” said Dixon.