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Duchess Of Debt: Fergie's Ultimatum To Her Creditors... Accept A Quarter Of What I Owe You Or Risk Getting Nothing

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Most people would consider this highly sensible, in view of the tricky and at times bitter negotiations that have been going on with the Duchess’s creditors. Debts of almost £2 million remained even after Prince Andrew initially bailed her out with £1.5 million of his own money earlier this year.

Now, as the Mail revealed this week, the Duchess, in an extraordinary move, seems to have managed to sidestep the bankruptcy proceedings, which would have been an unsavoury diversion in royal wedding year, given that her two daughters will be sitting on the family pews at Westminster Abbey on April 29. So just how has she done it?

We understand that Fergie’s creditors have been made an audacious offer of just 25 per cent in settlement of the money they are owed - in other words, 25p in every pound.

The offer was sent to them in letters and emails on behalf of the hard-nosed City accountant Price­WaterhouseCoopers, who were engaged by Prince Andrew to get to grips with his ex-wife’s finances. It set a deadline for acceptance of October 20 this year.

What’s more, it was conditional on all of them accepting it. Indeed, the letter spelled out that in the event of there not being universal acceptance, the Duchess might have to recourse to an ‘individual voluntary arrangement’ to pay what she can over a period of five years. This could mean, the letter warned, that creditors might receive less than they were being offered now.

The offer of a mere quarter of what they were owed dismayed some creditors. In the event, most have accepted the deal, but two have refused to ­settle. The amount they were owed is understood to total around £150,000, and this debt could still derail the entire process and plunge Fergie back into bankruptcy proceedings.

A pin up girl for everyone.

Just see the picture at the link, I wonder how much photoshopping that picture had!!

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  • 420 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
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      • Even
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