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’ in-laws.
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.
Party Pieces failed when attempts by the Middletons, pictures, to refinance and sell the business failed (Image: Getty)
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.
Party Pieces, which Carole and Michael Middleton founded in 1987, fell into difficulty during the Covid-19 pandemic. After attempts to sell, refinance and secure investment failed, it collapsed.
