In July 2007, Metronet BCV and Metronet SSL, two companies set up to modernise London Underground’s infrastructure, went into administration when they became unable to meet their spending obligations. In May 2008, after ten months in administration, Metronet BCV and SSL’s assets and liabilities were transferred to two new wholly-owned subsidiaries of Transport for London. This report focuses on the Department for Transport’s  risk management around the project.