The final meeting of the Isle of Man Railway Company (in liquidation) was held at the Villiers Hotel, Loch Promenade, Douglas, on the morning of 4th November 1981, when the final details of the liquidation were revealed by Mr. J. Garside, the liquidator. The liquidator was called in after a Railway Company meeting on the 4th May 1978, and since then, Mr. Garside has carried out what has possibly been the biggest ever company liquidation the Island has seen, involving One Million Pounds.

In the final figures produced by the Railway Company, and it wholly owned subsidiary Isle of Man Road Services Ltd., there has been a distribution to each shareholder, the sum of £28.27 per £5.00 share.  Accounts in respect of the Railway and Road Services companies have been distributed to shareholders every six months during the past three and a half years, with the sixth payment being made only recently. The Companies funds in May 1978 stodd at £586,334.00 which was added monies from the sale of an investment in Tours (Isle Of Man) Limited (£187,442.00), the sale of Homefield Bus Garage & Stores (£263,991.00), and the sale by auction of furniture and memorabilia, plus sundry receipts (£7,801.00), rents (£39,187.00), and interest (£61,017.00) following deductions for income tax and liquidation payments and expenses, brought a total sum of £1,074,260.00 available for distribution to the shareholders.

The meeting at the Villiers Hotel was for the final account to be approved by the shareholders.  It was also agreed that the Manx Museum should be allowed the remaining company papers as they wish, the remainder to be destroyed after five years.  A number of the company books and documents have already been given to the Manx Museum, but these will not be available to the public until 1986.  It is hoped by then, that decisions made by the directors and other matters which could possibly be considered controversial, will only be of historic interest.  Mr. Garside, the liquidator expressed his thanks to three former employees of the company: Mr. A.H. Stewart (Company Secretary & General Manager) who had completed 50 years service, Mr. T.E. Corkish and Miss Edith Cain, who had remained and assisted while the Company was in liquidation.