City players gather as Railtrack debacle builds up steam

Railtrack was shunted into administration last weekend at a special court hearing held in CMS Cameron McKenna's meeting rooms - which may see more legal clashes.The firm is acting for the government in the administration - Slaughter and May acts for Ernst & Young, the special administrator.But lining up for the residual company - considering a challenge of the government's decision to allow the company to go to the wall with debts of 3.3 billion - is fellow City player Simmons & Simmons.Meanwhile, former Denton Wilde Sapte partner and rail regulator Tom Winsor will have an eye on events.Trade minister Stephen Byers says he will restructure rail regulation to 'provide a more united approach with a stronger strategic direction'.

It is not yet clear what that means for the present system.Jeremy Fleming