Railtrack

Railtrack was a group of companies which owned the tracks, signals, tunnels, bridges, level crossings and some stations of the British railway system from its formation in April 1994 until 2002. Its main operating arm, Railtrack PLC, was sold to "not for dividend" organisation Network Rail on October 3, 2002, and was later renamed Network Rail Infrastructure Ltd. The parent company Railtrack Group plc was renamed RT Group and went into liquidation.

Related Topics:
Tracks - Signal - Tunnel - Bridge - Level crossing - Stations - British railway system - April - 1994 - 2002 - PLC - Network Rail - October 3

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Founded under Conservative legislation that privatised the railways, Railtrack took control of the railway infrastructure on April 1, 1994 and was floated on the Stock Exchange in 1996. Railtrack plc was taken into Railway Administration under the terms of that legislation on October 7, 2001, following an application to the High Court by the then Transport Secretary, Stephen Byers. Network Rail was then formed with the principal purpose of acquiring and owning Railtrack PLC. This was welcomed at the time by groups that represent British train passengers. Railway Administration is a special form of Administration set up by the Railways Act 1993, where an Administrator is appointed to run the company and keep the railway operating.

Related Topics:
Conservative - Privatised the railways - April 1 - 1994 - Stock Exchange - 1996 - October 7 - 2001 - High Court - Transport Secretary - Stephen Byers

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The company had been severely criticised for both its performance in improving the railway infrastructure and for its safety record. The British government put the company into administration after deciding its current level of indebtedness no longer made it financially viable as a commercial organisation without repeated, substantial hand-outs from the taxpayer. The company claimed that it had a "plan B" to put into operation if grants weren't forthcoming. The legislation that created it prevented the actual infrastructure being sold to pay debtors.

Related Topics:
Railway - Infrastructure

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