The administration of Lehman Brothers will be "ten times bigger and more complicated" than Enron, PricewaterhouseCoopers (PwC) told reporters last week after the first creditors' meeting.
A team of administrators, led by Tony Lomas, held a press conference at the O2 Arena on Friday and said that the winding down of the collapsed firm is likely to take several years and involve court proceedings.
It has been claimed that there are more than $1 trillion (£0.6 trillion) of positions to unwind as part of the administration process and the differences between UK and US bankruptcy laws have made matters more complex.
PwC was appointed as administrator on September 15th and has so far recovered around $5 billion out of a possible $550 billion's worth of outstanding obligations.
It has been estimated that the administration is costing around £4 million a week, although PwC has not yet set its fee.
Four hundred trade creditors have already been identified, including Reuters, HSBC, BT, the London Stock Exchange and even PwC itself.
Lehman went bankrupt in September this year after both Barclays and the Bank of America declined to buy it out.
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