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I found on all those pages that the outbound text link I had to these external sites didnt appear on the destination page , ie they have changed company name or something alike. Would this be the likely cause of the pages being removed?
Nope. In fact, people used something called Google-bombing to make pages show on unlikely searches by doing just that. You won't get booted for linking to a page with anchor text that isn't found on the linked-to page.
You can get booted for linking to websites that are seen by G as part of a bad neighbourhood, though. It doesn't matter what the anchor text was, it's the link itself that does it.