Sarah Ferguson, the Duchess of York, is having financial troubles.
Ferguson admitted to
money problems earlier this year
after being caught accepting
money
for an introduction to ex-husband Prince Andrew.
Reports indicate that her debts may be in the range of $7.9 million,
or 5 million pounds. A financial adviser has told Britain's royal
family that she may have to file for bankruptcy, and at least one palace
financial adviser has concluded that bankruptcy may be the only way
out.
"One key adviser believes the right thing is for the Duchess of York
to go bankrupt," a palace source told the Telegraph. "He says it will be a weeklong wonder then everyone …will forget about it."
No senior member of the royal family has ever declared bankruptcy.
Prince Andrew is reportedly masterminding “a rescue plan” to avoid the
embarrassment of bankruptcy.
Ferguson’s rep said the situation was “being managed” and that all
her personal
debt had been paid.
“This issue has been caused by
business failings and it is these
that are outstanding,” said the spokesperson.
The Queen is said to be “deeply concerned” about the debts, according
to the Sunday Telegraph, and discussed them with Prime Minister David
Cameron at a weekly meeting.
