After the bankruptcy of their company Party Pieces, Carole and Michael Middleton, Kate Middleton's parents, "are unable to pay the costs of the insolvency office, amounting to 260,000 pounds
(approximately 303,550 euros, Editor's note)
". This is according to an article published on April 1 by the British daily
The Times.
The company, which specializes in the online sale of party accessories, was placed into administration last year and owed 2.6 million pounds (3.1 million euros) to its creditors.
To discover
Exclusive visit to Art Paris: reserve your place
Download the Le Figaro Cuisine app for tasty and authentic recipes
Read also Debt-ridden, Kate Middleton's parents had to sell their business, Party Pieces
In March 2023, a few months before the bankruptcy, Carole Middleton turned to the consulting firm Interpath, a financial restructuring company, to advise her on “strategic options”, which “included a sale or the search for new investors.
1 million euros in losses
Today, Interpath Advisory “would not be able to cover all recovery costs”, that is to say the expenses incurred to obtain payment of a debt, we read in an article in the
Mirror
. “The insolvency procedure required more hours than expected to respond to legal requirements and questions from creditors,” explains the media. Although the firm received fees of 51,437 pounds (60,031 euros) and was expected to recover more over time, it determined that it would not be able to cover the full amount of expenses incurred.
As a reminder, it was in June 2023 that the
Daily Mail
revealed the bankruptcy of the Middletons' company. The business would have suffered the full force of the vagaries of Brexit, inflation, or even the global pandemic, we learned in a previous article in
Madame Figaro
. In particular, it would have suffered 900,000 pounds (1 million euros) in losses between 2021 and 2022. According to the report relayed by the
Daily Mail
, it would be “unlikely” that the creditors would one day recover their dues.
Party Pieces would have been partially bought by businessman James Sinclair for 180,000 pounds, informs
The Mirror.
Leaving Interpath Advisory “with limited funds to meet its obligations to creditors”.