Ernst & Young are heading into the final straight of the Metronet administration after Ken Livingstone gave the go-ahead for key legal proceedings to kick off.

Partners from the firm will now be able to apply to the courts for permission to put the stricken maintenance company into the hands of Transport for London after the Mayor approved transfer schemes.

Administrator Alan Bloom said: 'The Mayor's approval is a major milestone towards achieving the transfer of the business.'

E&Y's administration team will write to creditors in early May to provide further details of the transfer schemes, the firm said.

Further reading:

Metronet 'did not know own numbers'