Duchess of York fighting bankruptcy
Monday 09 August 2010
The Duchess of York says she is doing "everything she can" to avoid bankruptcy over business debts.
Prince Andrew's former wife, who is believed to owe around £2m to creditors, said yesterday that she had paid off all her personal debts but that bankruptcy was still "an option".
Sarah Ferguson issued the statement following reports suggesting that she owed around £5m in both personal and business debt. The Sunday Telegraph said that the matter had been discussed by David Cameron and the Queen, who had become "deeply concerned" about the state of the Duchess's finances.
However her spokesman dismissed the figures as "significantly" exaggerated. "There is a number of options open to the Duchess of which bankruptcy is one," he said. "But it would be premature to say she is going into bankruptcy as the situation is being managed."
Her debts mounted after the collapse of her American business venture and a lucrative contract with Weight Watchers ended.
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