Sarah Ferguson, the Duchess of York, could be the first member of the Royal Family to file for voluntary bankruptcy. The Duchess is believed to be as much £5 million ($7.9 million) in dept but is determined to stave off bankruptcy and clear the amounts owing. Since her divorce from PRINCE ANDREW in 1996 SARAH FERGUSON has had a number of failed businesses including her US promotions company Hartmoor which collapsed in October 2009 owing £650,000. A spokesman recently told the Guardian newspaper that the amount owed was actually closer to £2 million and added 'There is a number of options open to the duchess, of which bankruptcy is one. But it would be premature to say she is going into bankruptcy as the situation is being managed,'
These latest revelations are just another in a long line of embarrassments for the Duchess, earlier this year she was caught in a newspaper sting operation, when Mazher Mahmood from the News of the World masqueraded as an Indian businessman trying to buy access to PRINCE ANDREW.
In a recent conversation with The Guardian newspaper, Richard Sorksy a senior advisor with UK Insolvency Helpline said, 'It's a simple civil court procedure costing around £500 which will enable her to walk away from every single penny of her debt. If your assets are of a lesser value than your debts and if your income is not great enough to meet your expenses, it's generally a good option.'