BusinessBusiness RecoveryDeloitte to liquidate Railtrack

Deloitte to liquidate Railtrack

Shareholders of Railtrack Group, the parent company of the derailed infrastructure business, will be asked to appoint Deloitte & Touche as liquidator at a special meeting next month.

Link: Good news for Railtrack shareholders

Announcing the proposal, the board of Railtrack said Deloitte, as auditor of the company, was familiar with the business and understood the nature of its assets and liabilities.

At the same time, the board estimated a return of up to 260p per share, the first installment of which was expected to be paid early next year.

Justifying the decision to propose liquidators from Deloitte, the board said: ‘As Deloitte & Touche have been involved in the analysis of the company’s liabilities and contingent liabilities, it is likely that the appointment of liquidators from a different firm would delay the payment of the first installment of cash to shareholders.’

Railtrack PLC went into administration last October when former Transport Secretary Stephen Byers controversially pulled the plug on the company.

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

1w Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

1w Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

4w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor