Global Counsel, the advisory firm co-founded by Lord Peter Mandelson, collapsed in February owing £4.54 million to creditors, including more than half a million pounds to HM Revenue and Customs, according to documents filed at Companies House.
The London-based lobbying business went into administration on February 20 amid the fallout from the scandal surrounding Lord Mandelson's historical links to convicted paedophile financier Jeffrey Epstein. Administrators at Interpath were appointed after a wave of clients cut ties with the firm, citing its association with the former Labour minister and US ambassador.
HMRC is among the creditors, owed £645,789. The firm had only £2.7 million in assets available for preferential creditors, leaving a significant shortfall. Directors said the financial impact from client departures left them with no choice but to call in administrators, despite insisting Lord Mandelson no longer held any shareholding, role, or influence over the company.
Three days before the collapse, Lord Mandelson was arrested on suspicion of passing sensitive information to Epstein during his time as business secretary. He was released on bail and has not been charged. Lord Mandelson co-founded Global Counsel with Benjamin Wegg-Prosser in 2010 after Labour lost the general election, and stepped down from its board about two years ago. He once held a 21% stake but is not listed as a creditor.
Global Counsel's client roster included Palantir, GSK, Vodafone, OpenAI, TikTok, and the English Premier League.
