Seven people were killed and 76 injured in the Hertfordshire crash when a northbound train derailed at high speed.
The Office of Rail Regulation (ORR) said last November that Jarvis and Network Rail would face charges.
But the rail maintenance section of Jarvis is now in administration.
The ORR said: “While there remains sufficient evidence to provide a realistic prospect of conviction of Jarvis, a prosecution would no longer be in the public interest.”
Last month, Network Rail admitted health and safety failings, saying it will plead guilty to charges which were brought over the condition of tracks near the station.