Turner & Newall's administrators will work with the US Federal Courts and the UK High Court to set up a framework for paying asbestos claims.
Lead administrator Simon Freakley, of Kroll Buchler Phillips, hopes to settle Federal Mogul's $1.6bn (£1.1bn) worth of claims through the framework.
It will be the first global solution to payment of asbestos claims.
Collapsed asbestos manufacturer Turner & Newall was one of 133 UK subsidiaries owned by Federal Mogul.
Freakley said Federal Mogul was forced into bankruptcy last year by 380,000 asbestos claims, including 180,000 from the UK.
The US does not have a framework for settling asbestos-related claims, which means each state has a different definition of what constitutes a claim and what award is set.
Freakley will work with creditor groups to agree a framework, before reporting to the US and UK courts.
He said he did not know what shape the framework would take or how long would be needed to get the creditors to agree.
"It could take years but we're hoping the magnitude of the problem will push people to act more swiftly," he said.