Founded 2010 | ||
Cork Gully was a British insolvency practice, pre-eminent in its field from the 1960s to 1990s. It then became part of PricewaterhouseCoopers, which stopped using the brand in 1999. In 2010 a new corporate restructuring practice, Cork Gully LLP, was established and acquired the brand.
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Original firm
W. H. Cork and Harry Gully established the firm in London as WH Cork, Gully & Co in 1935. After W. H. Cork's death and a period of wartime service, his son Kenneth Cork succeeded him as senior partner. He went on to expand the firm as a specialist insolvency practice, gaining pre-eminence in its field by the 1970s. Gerhard (Gerry) Weiss joined the firm in 1952, and was made the first insolvency partner in 1954.
Sir Kenneth Cork (as he later became known) chaired the Cork Committee, whose report issued in 1982 is widely referred to as the Cork Report which led to the passing of the Insolvency Act 1986. He also served as Lord Mayor of London in 1978–79.
Sir Kenneth's son Sir Roger Cork followed in his footsteps, both as a partner in Cork Gully and as Lord Mayor of London (1996–97).
In 1980 Sir Kenneth Cork's successor as senior partner, Michael Jordan, led the firm into a merger with Coopers & Lybrand, which continued to use the name. The Cork Gully brand was eventually discontinued in 1999 after Coopers and Lybrand itself merged with Price Waterhouse to form PwC.
The original firm's assignments included Rolls Razor, Emil Savundra, Barlow Clowes and car maker De Lorean.
Present day
In 2010 Stephen Cork, great grandson of W. H. Cork, acquired the brand from PwC and established Cork Gully LLP, as a new restructuring firm in London. Stephen Cork was formerly the Head of Restructuring & Recovery at Smith & Williamson.