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There seem to be a variety of possible outcomes.
1. S+G UK soldiers on, and all live happily ever after. As one of the posts above noted, the staff are probably looking for new jobs at the moment, and the best will go first. Even if S+G UK survives it will face the difficulties of trading with a demoralised staff, comprising those who could not find a better billet.
2. There is an almighty crash. If this happens the waves may well engulf the SRA, and have serious consequences for the rest of the profession. I shudder to think what such a result would do to the Compensation fund or PII premiums.
3. The SRA bite the bullet and intervene now, appointing multiple intervenors to take the business apart into manageable components, and when the dust settles send the bill to Australia.
I wait to see what the SRA will do with great interest.

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