Peter Mandelson's former consultancy firm Global Counsel went bust owing £4.6 million, including more than £600,000 to HM Revenue and Customs, according to a report by the company's administrators.
The firm, which advised clients including TikTok, Palantir and GSK, collapsed in February after losing a series of accounts over Lord Mandelson's ties to convicted child sex offender Jeffrey Epstein. Mandelson, who denies wrongdoing, resigned from the board in 2024 but retained shares in the company.
The peer's links to Epstein and other foreign states, including China, came under fresh scrutiny this month after he reportedly failed the UK government's enhanced vetting process for his appointment as ambassador to Washington.
In a statement of affairs filed at Companies House, administrators reported liabilities of £4,596,149 after accounting for £2.7 million in assets. HMRC is the largest external creditor, owed £645,789. The firm had about 100 employees, mostly in the UK, who are collectively owed £2.6 million.
Co-founder and chief executive Ben Wegg-Prosser, formerly Tony Blair's strategic communications director, stepped down in early February as revelations emerged that Mandelson had sought Epstein's advice on setting up the business in 2010. Wegg-Prosser also met Epstein in New York that year, two years after Epstein's conviction for soliciting a minor.
Administrators noted that while Global Counsel has assets exceeding £10.7 million, they expect to realise only about £2.7 million.
