Peter Mandelson, the former Labour cabinet minister and European Union trade commissioner, received more than £1.5 million from his stake in the collapsed advisory firm Global Counsel.

Global Counsel, which provided strategic advisory services to businesses and governments, has ceased operations after facing financial difficulties. The firm had been established as a consultancy offering expertise on international trade, regulatory affairs, and political risk analysis.

Mandelson's financial interest in the company generated significant returns before the firm's collapse. The exact circumstances surrounding Global Counsel's failure and the timeline of Mandelson's payments have not been fully detailed in available reports.

The revelation comes as questions continue to surround the activities of former senior political figures in private sector consulting roles. Mandelson has held various business interests since leaving frontline politics, including roles in advisory and investment activities.

Global Counsel's collapse represents another high-profile failure in the strategic advisory sector, which has seen various firms struggle with changing market conditions and client demands in recent years.