Cork Gully, a restructuring firm based in London, has announced the opening of an office in Luxembourg. The new location aims to expand its services in advising and managing challenged and tail-end investment funds, working as either sub-advisors or replacement fund managers. The firm cited increased interest in its services.
Known for handling various aspects of restructuring and insolvency, Cork Gully provides services in business restructuring, special situations, insolvency, litigation support, and asset management for challenged investment funds. The company recently advised investors affected by the collapse of Dubai-based Abraaj, an emerging markets investor group.
“The replacement of the General Partner in a fund has been quite rare, notwithstanding that many funds have specific contractual rights and mechanisms to do so,” said Stephen Cork, managing partner of Cork Gully, in a statement.
Cork noted a rising interest among firms recently in resolving disputes in funds, managing inherent conflicts of interest, or allowing managers to focus on current private equity funds and new fund launches by handing off the tail-end period. Cork Gully plans to provide specific consulting services to manage the sale of residual assets, manage service provider and investor relationships, execute required distributions to investors, and ultimately close down the fund.
Special situations
The Luxembourg office will mainly provide services to investment funds, institutional and private investors, leveraging Cork Gully’s experience in restructuring and special situations, the firm said, referring to its experience in international corporate disputes, receivership, and liquidation, acting for lenders, shareholders, and joint venture partners enforcing their rights.
With the new addition, Cork Gully now has a presence in Luxembourg, London, New York, Jersey, Guernsey, and the Cayman Islands.