Lord Peter Mandelson's consultancy firm Global Counsel collapsed owing £4.5 million to creditors, according to newly released documents.

The firm, which provided strategic advisory services, owed more than £500,000 to HM Revenue and Customs when it went into administration. The remaining debt was owed to other creditors.

Global Counsel was founded by the former European Trade Commissioner and Labour politician, who served as a senior adviser to both Tony Blair and Gordon Brown during their tenures as Prime Minister.

The consultancy firm operated in the strategic advisory space, providing counsel to clients on political and regulatory matters. Details about the specific circumstances that led to the firm's financial difficulties have not been disclosed in the available documentation.

Lord Mandelson, who was granted a life peerage in 2008, has held various prominent roles in British politics and international trade. He previously served as Business Secretary and was instrumental in Labour's political strategy during the New Labour era.