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PwC reports record accountancy fees
October, 22nd 2009

Financial accountant firm PricewaterhouseCoopers (PwC) has announced record legal and accountancy fees for its role in winding-up Lehman Brothers European operation.

According to the firm, it is heading into the unknown somewhat as it handles the largest ever global bankruptcy case.

PwC issued a report which shows that it charged the parent company of Lehman Brother's European arm, which is based in the US, 154 million in combined accountancy and legal fees.

Despite this, the firm said that there had been an overall downward trend in the hourly rate its partners had received while dealing with the administration of the failed institution.

Linklaters, PwC's legal advisers during the administration process, said in a statement: "This is the largest and most complicated bankruptcy in history, raising many novel legal issues."

PcW fees represent 0.6 per cent of the bank's managed, realised and returned assets.

The company is planning to hand over more than 10 billion of Lehman Brother's assets directly to its creditors.

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