The advisory firm co-founded by Lord Peter Mandelson collapsed owing £4.5 million to creditors including over half a million pounds to HM Revenue and Customs, it has been revealed.
Global Counsel went into administration in February amid the fallout from the scandal surrounding Lord Mandelson’s historical links to paedophile financier Jeffrey Epstein.
Figures filed on Companies House showed the firm owed £4.54 million when it went bust – with only £2.7 million in assets for preferential creditors.
HM Revenue & Customs is among the list of creditors, with the taxman owed £645,789.
Administrators at Interpath were appointed in February for the London-based lobbying business, which said it suffered a significant financial impact from a swathe of customers cutting ties with the firm amid pressure over its association to the former politician and US ambassador.
This left directors with no choice but to bring in administrators, it said at the time, despite having insisted that Lord Mandelson no longer had any shareholding, role or influence over it.
The firm’s collapse on February 20 happened three days before Lord Mandelson was arrested by policy following allegations the former Labour minister passed sensitive information onto Mr Epstein during his time as business secretary.
Lord Mandelson was released on bail and has not been charged.
At one stage, Lord Mandelson had a 21% stake in Global Counsel, but is not listed as a creditor in the “statement of affairs” listing on Companies House.
Lord Mandelson co-founded the firm with Benjamin Wegg-Prosser in 2010 after Labour lost the general election.
Lord Mandelson stepped down from its board about two years ago.
Global Counsel has worked with a roster of clients including Palantir, GSK, Vodafone, OpenAI, TikTok and the English Premier League.