Efforts to find a valuer for Northern Rock are being severely affected because industry professionals appear to be giving it the cold shoulder.

The search has now stretched out to almost three months as it has been hinted that the legal and reputational baggage that goes with the job is putting potential candidates off.

An 'industry source' told the Independent: 'The difficulty for the people [The Treasury] has approached is that they don't want to get embroiled in litigation and they don't think they can deliver within the parameters of the brief they have been given.'

The valuer will have to figure out the worth of the bank if the government had not bailed the bank out, which experts have said could lead to a valuation of little or nothing.

PricewaterhouseCoopers and KPMG cannot be considered for the role because of conflicts of interest, but Deloitte and Ernst & Young could still be in the frame.

Under government legislation, the ICAEW will endorse the winning candidate before they are officially appointed.