Cork Gully
A London-headquartered restructuring and special-situations advisory firm with roots in a prominent British insolvency practice.
Last updated August 26, 2026
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Overview
Cork Gully is a United Kingdom-based financial and operational restructuring advisory firm headquartered in London. Its modern practice works across business transformation, restructuring, insolvency, disputes, asset management and other special situations. A distinctive part of its current proposition is support for challenged, legacy and tail-end investment funds, where the firm can act as a sub-adviser, replacement manager or successor asset manager. The Cork Gully name originated in British insolvency practice. William Henry Cork established WH Cork & Co in 1906, initially concentrating on grocery businesses facing pressure from the expansion of multiple-store retailing. In 1935, he formed a partnership with his son Kenneth Cork and Harry Gully, creating the Cork Gully name. After wartime service and his father's death, Kenneth Cork became senior partner and developed the practice into a specialist insolvency firm. The firm became particularly influential from the 1960s through the 1990s, handling complex corporate failures and distressed-business assignments. The firm's history is closely associated with the development of modern British insolvency law. Kenneth Cork chaired the committee whose 1982 report, commonly known as the Cork Report, helped shape the policy framework that led to the Insolvency Act 1986. He also served as Lord Mayor of London in 1978–79. His son Roger Cork subsequently became a partner in the practice and later served as Lord Mayor of London in 1996–97. Gerhard Weiss, who joined in 1952 and became the firm's first insolvency partner in 1954, was another important figure in the original practice. In 1980, under senior partner Michael Jordan, Cork Gully merged with Coopers & Lybrand. The business continued to use the Cork Gully name for a period, but the brand was eventually discontinued in 1999 after Coopers & Lybrand merged with Price Waterhouse to create PwC. The original practice had worked on prominent and sometimes highly contentious insolvency assignments, including Rolls Razor, the Emil Savundra matter, Barlow Clowes and the DeLorean Motor Company. The current firm was re-established as an independent entity in 2010, when Stephen Cork, a great-grandson of William Henry Cork and formerly head of restructuring and recovery at Smith & Williamson, acquired the business from PwC and formed Cork Gully LLP. The independent firm retained the Cork Gully identity while extending its work beyond conventional insolvency administration into broader restructuring, transformation, disputes and investment-management situations. In June 2023, Cork Gully introduced an asset-management division focused on managers and investors dealing with challenged and tail-end funds. The division's activities include advice on, and management of, regulated and unregulated investment funds, either as a sub-adviser or as a replacement manager. This development broadened the firm's positioning from a historic insolvency specialist toward a cross-border restructuring and special-situations platform. The firm is described as operating through locations in the United Kingdom, the Channel Islands, Luxembourg, the Cayman Islands and New York.
History
Cork Gully's origins lie in the early twentieth-century British insolvency market. In 1906, William Henry Cork founded WH Cork & Co, a practice initially focused on grocery businesses being displaced by the rise of multiple grocers. The firm's work reflected the commercial pressures of a changing retail economy, but its subsequent development was toward specialist insolvency and corporate-failure assignments. In 1935, William Henry Cork entered into partnership with his son Kenneth Cork and Harry Gully. The resulting firm adopted the Cork Gully name. Following William Henry Cork's death and Kenneth Cork's period of wartime service, Kenneth became senior partner. He expanded the practice and helped establish it as one of the leading British insolvency firms. Gerhard Weiss joined in 1952 and became the firm's first insolvency partner in 1954. Kenneth Cork's professional influence extended beyond the firm's client work. He chaired the committee that produced the 1982 report generally called the Cork Report. The report was an important influence on the legislative reforms that culminated in the Insolvency Act 1986. Kenneth also held civic office as Lord Mayor of London in 1978–79. The firm's historical leadership included a later generation of the Cork family: Kenneth's son Roger became a Cork Gully partner and subsequently served as Lord Mayor of London in 1996–97. Cork Gully's assignments included several well-known and controversial corporate failures, among them Rolls Razor, the Emil Savundra matter, Barlow Clowes and the DeLorean Motor Company. These cases contributed to the firm's reputation in difficult, high-profile insolvency work. In 1980, Michael Jordan, then the firm's successor senior partner, led a merger with Coopers & Lybrand. Coopers & Lybrand continued to use the Cork Gully name for a time. Following the 1999 merger of Coopers & Lybrand with Price Waterhouse, which created PwC, the Cork Gully brand was eventually discontinued. The name returned to independent use in 2010. Stephen Cork, a great-grandson of William Henry Cork and previously head of restructuring and recovery at Smith & Williamson, acquired the business from PwC and established Cork Gully LLP in London. The reconstituted firm retained the historic insolvency connection but broadened its services to include business transformation, restructuring, disputes, asset management and special situations. The firm's current work includes advising on and managing challenged or tail-end investment funds. In June 2023, it formally launched an asset-management division to support managers and investors in these situations. The division can act as a sub-adviser or replacement manager and can advise on or manage regulated and unregulated funds. Cork Gully is described as having offices or operations in the United Kingdom, the Channel Islands, Luxembourg, the Cayman Islands and New York.
- 2023
Asset-management division launches
[1]Cork Gully launched a division serving managers and investors in challenged and tail-end funds.
- 2010
Independent Cork Gully LLP is established
[1]Stephen Cork acquired the business from PwC and re-established Cork Gully as an independent London-based firm.
- 1999
Historic brand is discontinued
[1]After the Coopers & Lybrand and Price Waterhouse combination created PwC, the Cork Gully brand was eventually discontinued.
- 1982
Cork Report is issued
[1]The committee chaired by Kenneth Cork issued the report that helped influence the development of the Insolvency Act 1986.
- 1980
Merger with Coopers & Lybrand
[1]Michael Jordan led Cork Gully into a merger with Coopers & Lybrand.
- 1954
First insolvency partner appointed
[1]Gerhard Weiss became the firm's first insolvency partner after joining in 1952.
- 1935
Cork Gully partnership is formed
[1]William Henry Cork formed a partnership with Kenneth Cork and Harry Gully, creating the Cork Gully name.
- 1906
WH Cork & Co is established
[1]William Henry Cork founded WH Cork & Co, initially serving grocery businesses affected by the expansion of multiple grocers.
Products and positioning
Independent financial and operational restructuring adviser combining a historic insolvency practice with special-situations and challenged-fund asset-management capabilities.
Professional services
Insolvency and restructuring advisory
The firm's historic core is advice and formal work relating to corporate insolvency, distressed businesses and restructuring. The practice developed from a specialist insolvency partnership into a broader advisory platform, while retaining expertise in complex and challenging business situations.
Professional services
Business transformation
Cork Gully advises businesses on operational and financial transformation in situations requiring material change. This work sits alongside restructuring and special-situations advice rather than being limited to formal insolvency proceedings.
Asset management · 2023
Challenged and tail-end fund management
The asset-management division supports managers and investors dealing with challenged, legacy and tail-end funds. Cork Gully may serve as a sub-adviser or replacement manager and can advise on or manage regulated and unregulated investment funds.
Advisory services
Disputes and special situations
The firm provides advice in disputes and other special situations connected with distressed companies, investments and restructuring processes. The available reference material identifies this as part of the modern firm's service scope but does not specify individual products or mandates.
Brand decisions
2023
Expand into challenged-fund asset managementStrategyBackground
Managers and investors in challenged and tail-end funds may require continuing oversight, replacement management or a successor manager.
Action taken
Cork Gully launched an asset-management division offering sub-advisory, replacement-manager and related fund-management capabilities.
Aftermath
The move broadened the firm's positioning from insolvency and restructuring advice toward a wider special-situations and investment-management platform.
2010
Acquire Cork Gully from PwCM&ABackground
The Cork Gully name had been discontinued within the PwC structure after the earlier professional-services mergers.
Action taken
Stephen Cork acquired the business from PwC and established Cork Gully LLP as an independent entity.
Aftermath
The firm resumed independent operations in London and expanded its remit beyond traditional insolvency work.
1980
Join Coopers & LybrandM&ABackground
Cork Gully had become a leading specialist insolvency practice, and its senior partner Michael Jordan led the firm into a combination with Coopers & Lybrand.
Action taken
The practice merged with Coopers & Lybrand, which continued to use the Cork Gully name for a period.
Aftermath
The brand ultimately disappeared after Coopers & Lybrand merged with Price Waterhouse in 1999 and became part of PwC.
Sources1 sources
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