Carole and Michael Middleton’s Party Pieces business completely collapsed a little more than a year ago. Party Pieces owed over £2.6million to creditors, many of whom had extended credit to Carole Middleton personally because she’s the mother of the future queen. The Middletons’ house of cards collapsed thoroughly as people learned of the extent of their debt and catastrophic business decisions. Many theorized that the Middletons still have money stocked away – I just don’t see how that’s possible, and I don’t see a situation where a hustler like Carole Middleton would have allowed her social standing to disappear overnight if she had the ability to mitigate some of the damage.
Back in April, we heard a curious story about Interpath, the insolvency firm which was tasked with arranging the “sale” of the now-insolvent Party Pieces. Interpath incurred costs of more than £260,000 as they tried to untangle the Middletons’ fraud and prop up Party Pieces for sale. The Middletons were too broke to pay Interpath’s fees. Now an update: Interpath has written off the £320,000 in fees owed by the Middletons. As in, the Middletons are so broke, they couldn’t pay the insolvency firm so the firm had to write it all off.
Insolvency group Interpath is understood to have written off more than £320,000 in fees it was owed from the administration of Party Pieces, the former business of the Prince of Wales’s in-laws.
Interpath was appointed as administrator in May and over the last 12 months it incurred time costs of £321,716. Time costs are normally charged by administrators to firms whose insolvencies they are handling.
However, creditors’ reports show that the £230,852.99 Interpath was able to raise from selling Party Pieces to Teddy Tastic Bear Co for £60,000, liquidating its stock and other cash-raising actions, was wiped out by legal and other costs.
As a result, Interpath has written off the time costs. It also means creditors, including HM Revenue and Customs, will get nothing back whatsoever.
When it collapsed, Party Pieces owed nearly £613,000 to the taxman in VAT. Its employees were owed £84,690, while trade creditors were owed £456,000 plus. Banks, institutions and other lenders were owed £1.6million. Interpath declined to comment.
This also explains the larger disappearance of Carole and Michael Middleton over the past year. They came out for the coronation (which happened before Party Pieces collapsed) and then they came out six months later for Kate’s Christmas concert. The only time Carole has been seen this year is in that paparazzi photo with “Kate” in the car. Now, Kensington Palace seemingly claimed that Carole went to a pub in Norfolk with Prince William back in April too. But the Middletons have been politically defanged and they are now a huge, broke-ass liability for Kate. Like… the fact that they couldn’t even pay for the insolvency firm’s bill? The Middletons have absolutely zero power now.
Photos courtesy of Avalon Red.