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Ian,

I agree that the SRA should be engaged to manage and 'intervention lite' as this will increase the confidence in the banks / purchasers and probably facilitate a deal.

The costs of a disorderly collapse / intervention is a price that is too high to be considered.

I cannot see any way out, even if S+G retain the high value work they're going to need to have senior, able and competent staff and I would imagine that the majority of these are planning on going PDQ.

Can you imagine agreeing to leave a firm to go the S+G? I think that the only people who would find it attractive are those that have been struck off the roll by the SDT.