Metronet handover approaching

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.

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