Stephen Cork, Managing Director of Cork Gully;
Credit: Cork Gully
On Wednesday 2 August 2023, International restructuring firm Cork Gully announced that it has opened new offices in Luxembourg City and expanded its operations to the Grand Duchy to advise and manage challenged and tail-end investment funds, as either sub-advisors or replacement fund managers.
According to Cork Gully, they are well known in handling various aspects of restructuring and insolvency: they provide services related to business restructuring, special situations, insolvency, litigation support, and asset management for challenged investment funds. Their reputation in asset management includes recently advising investors affected by the collapse of the private equity group, Abraaj.
The newly established Cork Gully Luxembourg office will provide services predominantly to investment funds, institutional and private investors leveraging its experience in restructuring and special situations. Cork Gully has a wealth of international corporate dispute, receivership and liquidation experience, acting for lenders, shareholders and/or joint venture partners seeking to enforce their rights. Cork Gully are particularly looking to advise clients on the new rules on business preservation and modernisation of insolvency law in Luxembourg.
Cork Gully has expertise in handling various wind-down situations, both contentious and non-contentious, which includes investment fund wind-downs. In these cases, they also have the capability to act as directors alongside or in place of the incumbent board as well as acting as replacement fund managers and/or general partners.
Stephen Cork, Managing Partner of Cork Gully, said: “The replacement of the General Partner in a fund has been quite rare, notwithstanding that many funds having the specific contractual rights and mechanisms to do so. There has been increased interest among firms more recently either to resolve disputes in funds, to manage inherent conflicts of interest, or to allow managers to hand off the tail end period, to be able to focus on current private equity funds and new fund launches. Cork Gully providing specific consulting services to manage the sale of residual assets and portfolio companies, manage the service provider and investor relationships, and carry out the requisite distributions to investors, closing down the fund in the end. This expansion presents a valuable opportunity for our firm to showcase our restructuring and asset management capabilities. We now have presence in Luxembourg, London, New York, Jersey, Guernsey and the Cayman Islands.”
Cork Gully's Luxembourg offices are at Rue de l'Eau in Luxembourg-ville where five consultants are based.
