Jamie Smith and Nick Dargan, both of Deloitte and Touche, were appointed as Joint Liquidators of the Company with effect from 18 October 2002.

On 16 January 2006, at the third annual liquidation meeting, Jamie Smith resigned as Joint Liquidator of the Company due to his forthcoming resignation from the firm of Deloitte & Touche LLP. A resolution was then passed by the shareholders appointing Nick Edwards of Deloitte & Touche LLP as Joint Liquidator, replacing Jamie Smith.

In a solvent liquidation the powers of the directors cease and the liquidators assume responsibility for the company's affairs. The liquidators deal with the realisation of assets, the agreement of liabilities and the distribution of the company's surplus funds to the shareholders as and when funds permit.

Prior to distributing cash to shareholders, liquidators must be satisfied that either all liabilities have been settled or that sufficient cash has been retained to discharge or provide for all actual and contingent liabilities. This involves an initial period during which liquidators advertise for claims against the company being liquidated. Advertising for claims against Railtrack Group commenced on 23 October 2002 with a final deadline of 9 December 2002 being the date by which any claims had to be be notified.

Cash can be released as and when the liquidators determine that all actual and contingent liabilities have been paid, provided for or discharged and that there is surplus cash available for distribution. This process can take time, particularly if there are liabilities such as taxation to be agreed with the Inland Revenue or other contingent liabilities that are initially difficult to quantify or agree. It is therefore usual for cash to be distributed to shareholders in a series of instalments, the amount and timing of each being dependent on the cash available and the status of known and potential liabilities.