- Thursday, 15 October 2009The Duchess of York had to cancel her original 50th birthday party celebrations as a result of enormous debts.
A party of 300 people had been organised, but had to be scrapped at the last minute as it emerged the ex-wife of Price Andrew was facing possible bankruptcy and couldn't afford the extravagant event, the Sun revealed.
With one friend commenting that her debts were "out of control and the dam is set to burst", Fergie could find that an
individual voluntary agreement (IVA) is the best way for her to avoid bankruptcy and pay off her creditors.
Speaking to the news provider, her friend said: "It feels like bankruptcy is a case of 'when' rather than 'if'. If she doesn't get her finances under control she will end up millions in debt again. Someone may have to bail her out."
Following her divorce from Andrew in 1996, Fergie accumulated a debt of £4 million, which she managed to pay off with lucrative deals with Wedgwood and Weight Watchers.
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