Lehman work 'may take years'

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Tony Lomas of PricewaterhouseCoopers said: "I'd like us to be further on with the numbers by now."

He said there were 97 different custodians around the world holding securities that are owned directly by the bank or its clients.

Former Lehman clients, many of them hedge funds, are warning that they could face huge problems if they do not get hold of their assets soon.

But Lomas told the Financial Times: "There is absolutely no question that this is the biggest UK administration there has ever been Enron and BCCI were large and complex, but not on this scale.

"I anticipate it will take many years to finally resolve the inter-company and third-party claims in order that recoveries can then be distributed to bona fide creditors."