Peter Mandelson’s old consultancy, Global Counsel, has gone bust in a puddle of red ink and very bad associations. The firm collapsed owing a vulgar £4.6 million, including a £600,000 bill for the taxman. This news comes just as revelations emerge that Mandelson sought advice from Jeffrey Epstein back in 2010 on how to set the business up.

Co-founder Ben Wegg-Prosser stepped down in February as the Epstein ties became too radioactive for the Westminster set. Mandelson, the ultimate power broker, is finding that even his knightly charm can’t gloss over a bankrupt balance sheet and a guest list that includes the world's most notorious names.

Global Counsel is now in the hands of administrators, according to a report in The Guardian. The firm once whispered in the ears of the global elite, but it is finishing its run in the tabloid dirt. In our universe, a criminal record is a curiosity, but owing the taxman six figures is just plain tacky.