David Adjaye's studio has entered insolvency proceedings

London - Suspended projects around the world have caused significant financial difficulties for the architectural firm of David Adjaye. The architect recently invested half a million pounds from his personal savings into the studio, but even that did not prevent the arrival of crisis managers tasked with preventing the collapse of his company. Adjaye made a crucial decision at the moment when the studio's debts climbed to one million pounds.
      The architect founded Adjaye Associates in 2000. He quickly gained a reputation worldwide and opened offices not only in London but also in Berlin and New York. Earlier this year, he secured a commission for the National Museum of African American History & Culture in Washington. Financial recovery for Adjaye's studio will be very difficult, as according to European Union rules, the firm cannot participate in public competitions during insolvency proceedings, thus missing out on important contracts. Richard Brindley from RIBA further points out that many private investors have taken their exit due to EU rules, making it nearly impossible for any architectural firm in insolvency proceedings to secure new contracts.
      Despite the suspension of projects in Birmingham, Abu Dhabi, Kuala Lumpur, and India, Adjaye believes that the worst period caused by the global financial crisis is now behind his studio. Adjaye is supported by his colleague Nigel Coates, who reminded that Adjaye is still working on major commissions that could save him from bankruptcy.