Globally, I don’t think there is such a procedure at the moment, but maybe some local communities have developed their own solutions.
Relatedly, @b-jazz-bot goes around updating website tags from insecure HTTP URLs to more secure HTTPS URLs based on what the HTTP URL redirects to. Presumably the source code could be adapted to check for broken or squatted links instead. Instead of just removing the website tag automatically, a MapRoulette challenge could encourage mappers to double-check whether the business has closed or changed its name.