HL Deb 15 November 2001 vol 628 c99WA
Viscount Astor

asked Her Majesty's Government:

Whether they had asked the Strategic Rail Authority to conduct a regulatory review of Railtrack before putting it into administration. [HL1143]

Lord Falconer of Thoroton

It is the responsibility of the Rail Regulator to conduct a regulatory review.

Viscount Astor

asked Her Majesty's Government:

Whether the Railtrack administrator has a responsibility to Railtrack shareholders; and, if this is the case, what is the nature of that responsibility. [HL1144]

Lord Falconer of Thoroton

The administrators of Railtrack plc have a duty under Section 59 of the Railways Act 1993 to manage the affairs, business and property of Railtrack plc for the achievement of the purposes of the railway administration order and in a manner which protects the respective interests of the members and creditors of the company in railway administration.

The purposes of a railway administration order are to secure the transfer of the company's railway related activities to another company and the carrying on of those activities until then.