Deloitte is at the forefront of efforts to kick start liquidity in the markets by negotiating a deal to restructure the $7bn (£3.6bn) special investment vehicle Cheyne, for which it has been acting as receiver.

According to reports in the Financial Times the Big Four firm is negotiating the deal with Goldman Sachs and there is speculation that such an arrangement could herald a turning point in the credit crisis by showing how other troubled SIVs could be restructured in the future.

Reports say the deal will involve Deloitte staging an auction for the assets contained within Cheyne so that clear prices can be established, something which have been virtually impossible to do because of the shutting down of the credit market.

Full details have yet to emerge and reports suggest the deal is yet to be finalised. None of the parties thought to be involved have commented.