Railtrack finally came out of administration last week, almost a year after the then transport secretary Stephen Byers pulled the plug on the ailing rail infrastructure company, paving the way for a transfer to Network Rail, the not-for-profit company. Alan Bloom, the Ernst & Young administrator, said: 'We had two tasks when we were appointed nearly a year ago.
While looking after the interests of creditors and the shareholder, we had to ensure that the railway continued to operate and we had to arrange for it to be transferred to a new owner. The discharge of the administration order will enable this to happen.’ Shareholders of Railtrack Group will now be asked to place the company into liquidation – Deloitte & Touche is being lined up to carry out the work, which is likely to commence following a creditors’ meeting later on this month.
John Milsom, who joined KPMG from PricewaterhouseCoopers as a director in March 2001, has been promoted to partner. Milsom is a multi-jurisdictional insolvency and restructuring expert who specialises in telecommunications and Chapter 11 work. His most recent case work has included the provisional liquidation of Global Crossing.
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