Duchess of York ‘faces bankruptcy’
The Duchess of York’s debts have risen to almost 5 million pounds, and her only option may be the first voluntary bankruptcy of a royal.
London: The Duchess of York’s debts have risen to almost 5 million pounds, and her only option may be the first voluntary bankruptcy of a royal.
At least one senior financial adviser to Buckingham Palace recommended the action despite the acute embarrassment it would cause for the Queen, the Duke of York and others.
The Queen is said to be ‘deeply concerned’ by the debts, which are more than twice as large as previously thought, the newspaper said.
Even UK Prime Minister David Cameron has been briefed on the issue and discussed Sarah Ferguson’s finances during one of his weekly private audiences with Queen.
“One key adviser believes the right thing is for the Duchess of York to go bankrupt. He says it will be a week-long wonder, then everyone will say, ``It’s not altogether surprising’ and then they will forget about it,” the Telegraph quoted a senior royal source as saying.