Duchess Of York Tries To Avoid Bankruptcy A spokesman for the Duchess of York says she is doing "everything she can" to avoid bankruptcy.
A Sunday newspaper has claimed that the Duchess owes up to £5m to creditors, however the figure has been dismissed as "significantly" exaggerated.
Sources have suggested that actual total owed is closer to the £2m mark.
Sarah Ferguson went public with her financial problems in May after being caught in a cash-for-access scandal by a tabloid newspaper.
She was filmed accepting money from a reporter, posing as a business tycoon, in exchange for an introduction to her ex-husband, the Duke of York.
She later apologised for a "serious lapse of judgment" and said that Prince Andrew was not aware of her actions.
During a subsequent interview with US chat show queen Oprah Winfrey, the former royal owned up to being "substantially" in debt, but would not say by how much.
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"The figures in the press have been exaggerated - the situation is being managed... All her personal debts have been paid. "
A spokesman for the Duchess of York
A spokesman for the Duchess of York
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The Duchess perplexed viewers by speaking about herself in the third person.
Debts have mounted since the Duchess' American business venture folded and a lucrative contract with Weight Watchers ended.
It is believed that legal bills are partially responsible for the Duchess' indebtedness.
The Sunday Telegraph has reported that at least one key Royal adviser now believes that bankruptcy is now the best option for the divorced mother-of-two.
But the Duchess, who recently split from her long-term spokeswoman, appears determined for this not to happen.
Her new spokesman said today: "She is doing everything she can to avoid bankruptcy."
The Duchess spoke to chat show host Oprah Winfrey about her debts
He added: "The figures in the press have been exaggerated - the situation is being managed.
"The only debts she has are business debts, some of which are disputed. All her personal debts have been paid."
The Duchess' spokesman said various alternatives to bankruptcy are viable at this time.
"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."
Debts have mounted since the Duchess' American business venture folded and a lucrative contract with Weight Watchers ended.
It is believed that legal bills are partially responsible for the Duchess' indebtedness.
The Sunday Telegraph has reported that at least one key Royal adviser now believes that bankruptcy is now the best option for the divorced mother-of-two.
But the Duchess, who recently split from her long-term spokeswoman, appears determined for this not to happen.
Her new spokesman said today: "She is doing everything she can to avoid bankruptcy."
The Duchess spoke to chat show host Oprah Winfrey about her debts
He added: "The figures in the press have been exaggerated - the situation is being managed.
"The only debts she has are business debts, some of which are disputed. All her personal debts have been paid."
The Duchess' spokesman said various alternatives to bankruptcy are viable at this time.
"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."
SKY NEWS
UK, Sunday August 08, 2010
Pete Norman, Sky News Online
Pete Norman, Sky News Online
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