Clayton Utz partner David Cowling has been appointed as lead lawyer advising PPB administrators Stephen Parbery and Neil Singleton on Lehman Brothers Australia's (LBA) asset disposal.

The sale includes disposal of office fit-out, conceding to sign office leases and transferring LBA's employees. It came just two weeks after US-based Lehman Brothers filed for bankruptcy, fuelling a financial crisis that has increased uncertainty over the global economy.

The exact value of the assets is unclear, but it is understood that the disposal could benefit creditors and reduce liabilities by at least A$35m. The main value is more or less reflected in reduced liabilities (about A$500m) to creditors, rather than any proceeds from the sale.

Confirmation of the exact amount owing has been sought from PPB, which received the company assets on 28 September 2008 and is still assessing the state of its liabilities.

A source told ALB that Mallesons led by Jim Boynton recently assisted Skadden on Nomura's US$225m (A$270m) acquisition of Lehman's Asia Pacific assets in Japan and Australia.

Confirmation of this has been sought from Mallesons.