After a closed-doors creditors meeting at the 02 Dome, Lehman’s administrators PwC told reporters that the collapse of the financial services firm was “ten times bigger and more complicated” than Enron.

Tony Lomas, lead administrator, said PwC had identified more than a trillion dollars’ worth of assets and liabilities that were yet to be accounted for. Since the biggest Big Four firm was appointed on 15 September, it has recovered $5 billion out of a potential $550 billion’s worth of outstanding obligations. Client assets of $22.3 billion have been also identified.

Amongst the 400 trade creditors identified so far is PricewaterhouseCoopers itself, the Bank of England, and the Financial Services Authority.

“We’ve a long way to go before we know what the position is for creditors,” Lomas said.

The Lehmans administration itself is costing a reported £4 million a week and is already behind schedule due to confirmation delays from third parties believed to be assets of Lehman Europe.

Some of Lomas’ colleagues are still working on the Enron administration, seven years after the American energy company went bankrupt after the exposure of massive accounting fraud.