The Shoreditch-based company, which has held clients including Levis Strauss and British Airways which and organises events and marketing campaigns, has cut 40% of its staff since last summer, leaving just eight employees, some of whom are on temporary contracts.
A parent company called Cunning Ltd will continue its New York operation and is making plans to expand into Asia, the Middle East and North Africa.
Anna Carloss, managing director and co-founder of Cunning with John Carver, said she could not keep Cunning Stunts afloat, in part because a major contract was lost late last year.
She added: "By March of this year, our bank would not extend our overdraft and we had to close Cunning Stunts. It is with deep regret that this has resulted in creditors not being paid in full. After the bank's loss, John Carver and I were the largest creditors and we really did what we could to keep Cunning Stunts afloat."
Cunning Stunts came into notoriety in 1999 when it projected and image of Gail Porter onto the Houses of Parliament for Emap's FHM magazine.
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