Kate Middleton’s parents Carole and Michael face fresh heartache over Party Pieces following the collapse of…
Kate Middleton’s parents Carole and Michael Middleton have faced fresh heartache over their Party Pieces business, after restructuring professionals tasked with handling the insolvency of the business hit a major setback.
Party Pieces, the company set up by the Middletons back in 1987, went into administration last June, with over £2.5 million pounds worth of debt. At the time, reports suggesting Carole had been left ‘upset and deeply disappointed’ by the situation. Interpath Advisory were placed in charge of dealing with the insolvency of the business – however now, according to The Times, it has found itself unable to cover all recoupment costs as the growing sum surpasses £260,000.
According to the newspaper, the city-based firm found that the ‘realisation of Party Pieces’ assets was insufficient to cover the advisers’ time costs of £268,928.’ It means that Interpath’s team were not able to recoup the total fees for the work by its restructuring professionals, who were charging an ‘average hourly rate of £566’.
Before marrying into the Royal Family, Kate Middleton spent time working as project manager for Party Pieces. She stopped the job ahead of her 2011 royal wedding to Prince William. At the time, a royal aide told People magazine, ‘She has handed over her work to colleagues and is now preparing for her future life.’
