Kate Middleton’s parents Carole and Michael were reportedly unable to pay the 326,838-dollar fees owed to an insolvency firm after their business collapsed, it has been reported.
The Princess of Wales’ parents’ company Party Pieces went into administration with debts of 3 million dollars owed to their creditors.
They founded the company back in 1987, which primarily sells party equipment and the proceeds helped send their children, Kate, Pippa and James, to boarding school.
But their success has dwindled in recent years and they brought in Interpath Advisory (IA), a city firm, to handle the insolvency process. However, The Times report they have reportedly been unable to cover all recoupment costs.
The insolvency process involved longer hours than they originally estimated to meet statutory requirements and queries from creditors.
While the firm has received fees of 64,659 dollars and is expected to recoup more over time, it has determined that it will not be able to cover the incurred expenses.
Michael, 74, quit his job as a manager at British Airways to join his wife Carole, 69, full-time at Party Pieces in 1989. After a sharp rise in sales, their growth allowed them to move to a farm building at Ashampstead Common, Berkshire.
Carole stepped back from the day-to-day running of the business in 2019 and became a brand ambassador instead. But she was brought back on board four years later as they searched for a buyer to rescue the company.
After experiencing financial difficulties due to the Covid pandemic, Party Pieces fell into administration and it was sold to a buyer, James Sinclair, who purchased the business for 180,000 pounds through a pre-pack administration, according to The Times.
The IA were left with limited funds to meet their obligations to creditors. This left IA with limited funds to meet obligations to creditors.
