Carole Middleton, mother of the Princess of Wales and grandmother to the heir to the throne, has reportedly declared bankruptcy in the wake of the sale of her company Party Pieces.
The company reportedly owes nearly $3 million in back taxes.
The company was sold in part in 2023 to Teddy Tastic Bear Company Limited for £180,000.
Administrators of the company have stated, “Based on current estimates, it is uncertain whether there will be funds available to enable a distribution to preferential creditors. It is unlikely there will be funds available to enable a distribution to unsecured creditors.”
The report published by administrators also blames the COVID-19 pandemic on declining sales, which led to the company’s current cash issues.
The news prompts a related question: If his wife’s family’s business is doing so poorly, why isn’t Prince William stepping in to help out?