Monday, August 9, 2010

Fergie's financial meltdown leads to voluntary bankruptcy recommendation

Sarah Ferguson, commonly known as 'Fergie' and officially as the Duchess of York, has been advised to file for voluntary bankruptcy as her financial troubles culminate to something that resembles a small personal financial meltdown.

An embarrassing video released to a British tabloid several months ago illustrated the extent to which the Duchess has sunk with regard to her financial situation. The clip shows her arranging a deal with a journalist to meet her former husband Prince Andrew - from whom she gets her royal title.

Following this incident, Ferguson publicly admitted her financial troubles after many years of speculation in the press.

According to the Sunday Telegraph, the Duchess' debts have risen to around £5 million ($10.9  million). The newspaper also reported that one known advisor working for Buckingham Palace has advised Ferguson to file for voluntary bankruptcy. 

David Cameron, the recently elected British Prime Minister, has reportedly been briefed on the issue. It was noted in the report that no member of the royal family has ever been declared bankrupt before. 
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