Global Counsel is set to enter administration following the revelations of both Wegg-Prosser and Mandelson's links to convicted sex offender and paedophile Jeffrey Epstein. The announcement comes days after the firm said that Wegg-Prosser, then Chief Executive, would step down and be replaced with Rebecca Park. Global Counsel employs 130 people, and all were informed of this decision today. The firm lost considerable business and notable clients after the information about the founders' association with Epstein was made public. Barclays terminated its relationship with the firm, and others have evidently followed suit. Other major clients include: KKR, Klarna and Phoenix Group. Vodafone, who had previously stated that they would put their relationship with Global Counsel under review. This is still the case. Whilst the firm retained a number of clients, the damage is too significant to continue. The firm's prestige and success comes partly as a result of both Mandelson's and Wegg-Prosser's personal relationships with those in government. In losing such figures to such damning circumstances, many clients saw it fit to withdraw. Global Counsel was mentioned more than 800 times in the files released by the U.S Department of Justice, and most of these mentions fell under private correspondence between Mandelson and Epstein. Global Counsel made a public statement on LinkedIn saying: "After an exhaustive review of the options available to the company, the Board of Global Counsel has decided to ask the UK courts to appoint Interpath as an administrator to take control of and realise the assets of the company. To be clear, this will no longer be business as usual as the Administrators-in-waiting have already indicated that, in the unlikely event that any ongoing servicing of clients is viable, this will be on a limited basis only. Inevitably therefore, this will result in a significant number of redundancies being made by the Administrators when they take control of the company tomorrow. Over the last decade Global Counsel has grown to become a highly regarded international professional services firm. Its team of outstanding advisory professionals has been privileged to serve a wide range of exceptional businesses and investors. Many of these clients have remained loyal to the firm in recent weeks. However, the continuing maelstrom of political and media attention surrounding Peter Mandelson has made it challenging to continue with the business in its current form. While today’s Global Counsel has no connection with Peter Mandelson, his role as a co-founder and his conduct, particularly in its early years, has indelibly coloured the way Global Counsel is seen in the outside world. Last year Global Counsel achieved its best revenue and profitability to date - a success built on its strong reputation for high quality advice around the world - and has very little debt. It was confident of its prospects for growth in 2026 and beyond. Events last September and subsequently have changed that outlook. Therefore, the Board has concluded that it is in the best interests of creditors, staff and clients to act now to place the company into the hands of court appointed Administrators. The Board wishes to thank: firstly, all our staff who have stood together in very difficult times and shown exceptional resilience in the face of circumstances beyond their control; secondly, our clients, who have been placed in a difficult position by these events and whose generous support has been a tribute to our teams, and; thirdly, our shareholders who have suffered a material loss through no fault of their own."...