Newspaper: Kate Middleton’s parents have millions of debts after the bankruptcy of the company | News

According to The Times, Carole and Michael Middleton, Kate Middleton’s parents, owe a millionaire debt.

The couple was going to take out a business loan to try and save their company, Party Pieces, which was set up in 1987, however, the party company ended up declaring bankruptcy.

According to the international vehicle, the company left a debt of £220,000 to the bank, roughly R$1.3 million.

Also according to the information, under the terms of the British government for business interruption loans during the Covid-19 pandemic, the taxpayer is obliged to pay 80% of any amount owed to NatWest, which would be £176,000, equivalent to R$1.1 million.

Even in bankruptcy, Carol and Michael sold Party Basix to businessman James Sinclair, owner of Rossi Ice Cream, one of the UK’s oldest ice cream companies. The deal was done through a management agreement for the amount of £180,000.

Carol left the company in 2019 and became a brand ambassador and manager. In 2023, she returns to try to save the business.

The newspaper released a report from the trustees to the creditors:

“Management attributed this to the Covid-19 pandemic (…) The company was incurring losses and under pressure from creditors. In the absence of new financing or an affordable sale, the company was insolvent in terms of balance sheet and cash flow. Existing investors in the company injected money earmarked to meet important payments and no other funds were available from this source.”

Despite the allegations, Middleton has not commented on the matter.