LONDON: An advisory firm co-founded by Peter Mandelson, who was fired as UK envoy to the United States over his links to Jeffrey Epstein, took a step nearer bankruptcy Friday after entering administration. Global Counsel has stopped trading and appointed administrators, a process whereby a financially stricken company calls on outside expertise in a bid to salvage some assets.

Clients have departed the consultancy en masse, a source says

Advisory firm has lost string of clients despite efforts to cut ties with co-founder after Epstein revelations