SRM Global, a major Northern Rock investor, wrote to BDO Stoy Hayward hoping to convince it to hold off valuing the bank.

SRM and fellow hedge fund RAB Capital are spearheading efforts to have the terms of the valuation job amended, saying it contravenes human rights laws, because it treats the bank as if it were in administration and not a going concern.

Through law firm White & Case, the Monaco-based hedge fund contacted the firm before a judicial review of the valuation process, which kicks off in January.

‘[SRM] wrote a letter to the valuer in September asking them to hold off doing any substantive work on the valuation. SRM understands that some preparatory and administrative work would have to be done, but it seems pretty foolish to go ahead with the proper valuation until after the judicial review has concluded,’ an SRM Global spokesman said.

Shareholders are still waiting for BDO’s valuer Andrew Caldwell to set out how he intends to proceed.

BDO said: ‘It is impossible to determine the likely timescale for this work or the amount of compensation which will be made available to shareholders.’