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Sarah Ferguson faces bankruptcy

Sarah Ferguson could be the first royal to be declared bankrupt.

Like many, Sarah Ferguson is facing bankruptcy and is weighing up what she should do. The difference of course being that she is a member of the royal family and her debt extends into the millions.

The Duchess of York managed to pay off her personal debts, but her business debts still run into the millions.

There has been much speculation surrounding the actual amount owed by the Duchess, with one newspaper reporting that her debts had risen to £5 million. Her spokesman has hit back claiming that the figure had been heavily exaggerated and was actually around £2 million.

There are a number of options available to the Duchess, with bankruptcy and individual voluntary arrangements being just two of them.

The bulk of the Duchess’s debts are said to have amassed in the states paying for lawyer’s fees. Last year the company that dealt with the Duchess’s media, publishing and licensing work folded owing £650,000 and this can only have contributed to her financial situation.

The issues that are facing Sarah are not unlike that of many people who are in debt. The main difference, is the publicity that surrounds the royal family and so being made bankrupt, for Sarah, could be very embarrassing.

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Category : Insolvency news,Personal Insolvency — Tags: , , , — admin @ 12:50 pm August 26, 2010