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It’s rumoured that the management had been informed that the company owed £750,000.
An SPT spokeswoman said: "Henderson Travel has 20 contracts with SPT to run subsidised services and we have managed to organise alternative arrangements to ensure most of those are running today.
"However, given the very late notice of withdrawal of those services there may still be some disruption. We’d like to thank passengers for bearing with us at this time."
Henderson Travel has bus services in Glasgow, Hamilton, East Kilbride, Douglas, Uplawmoor, Strathaven, Rutherglen, Aidrie, Cumbernauld, Lesmahagow, Coatbridge, Kirkintilloch, Cambuslang, Kilsyth, Newton Mearns and Barrhead.
The Traffic Commissioner for Scotland was also due to rule next month on an investigation into Henderson Travel.
Lanarkshire bus firm abruptly stops trading
Henderson Travel closed its depot in Hamilton, and pulled 50 buses off the road on Wednesday 29th
The firm provided several bus services for SPT and other public contractors throughout the west of Scotland, including Glasgow, Lanarkshire, Ayrshire and Renfrewshire.
Workers were left in the lurch when the bus firm closed its doors with no warning to staff.
Up to 150 employees are now left facing the prospect of redundancy but there are no unions at the firm and no administrators or liquidators have been appointed as yet.
A spokesman for Traffic Commissioner Joan Aitken said the case concerning Henderson Travel was due to be heard at a public inquiry in Edinburgh on 17 November.
At this hearing the commissioner will consider the findings of an investigation conducted by the Driver and Vehicle Standards Agency.
The spokesman said that Henderson Travel was licensed to operate up to 40 vehicles from its base in Hamilton.
McGill's Buses said it has taken over 13 contracts previously run by Henderson Travel.
It is in talks with the 120 or so Henderson Travel bus drivers and is offering them employment.
Strathclyde Passenger Transport (SPT) said Henderson Travel had breached the terms of their contract by not providing services on Thursday.
SPT used emergency powers to offer the contract to another operator.
Ralph Roberts, managing director of McGill's, said: "These contracts will be under emergency powers and will usually be for one to three months. Then they will go back out to re-tender."
They will run 41 routes over 13 contracts, he said.
McGill's is run by Rangers directors James and Sandy Easdale.
Sandy Easdale said his team had been able to "move very fast" to save jobs.
He added: "This is part of McGill's continued growth strategy."
Mr Roberts added: "I am pleased with the positive outcome of today's meetings with staff. For staff, it means their jobs are secure and they can continue to work from their local depot.
"As well as the offer of employment, McGill's has decided to pick up the bill for unpaid wages to all staff, who discovered on Thursday that, not only were that they were out of a job, but that they had not been paid their salary for the previous fortnight's work.
"For customers, it means an end to any uncertainty over how they are going to get to work, school or college. McGill's will honour all valid Henderson Travel multi-journey tickets and all other fares will remain the same.
"With Christmas just over eight weeks away, we fully understand the increased financial pressures every household experiences at this time of year and McGill's is pleased to have played a pivotal role in turning this week's unfortunate events into a positive outcome for staff and for passengers."