THE SUNDAY TELEGRAPH: The Duchess of York’s debts have risen to almost £5 million, causing alarm in the Royal family, which now fears her best option is bankruptcy.
The Sunday Telegraph can reveal that at least one senior financial adviser to Buckingham Palace has recommended voluntary bankruptcy even though this would cause acute embarrassment to 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.
David Cameron, the Prime Minister, has even been briefed on the issue and the problem is believed to have been discussed recently during one of his weekly private audiences with the Queen.
No senior member of the Royal family has ever been declared bankrupt, but this course of action is increasingly likely.
“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,” a senior royal source said.
However, the Duke of York, who along with his private office is masterminding the “rescue plan”, knows that the Duchess is desperately keen to avoid bankruptcy. Such a move would also be particularly embarrassing for him because he is the UK’s Special Representative for International Trade and Development. >>> Andrew Alderson, Chief Reporter | Saturday, August 07, 2010
