Meghan Markle and Prince Harry Forced to Settle Debts Over Their Former Foundation
Before Archewell came along, Prince Harry and Meghan Markle managed MWX foundation, formerly Sussex Royal, which is in liquidation. The couple recently paid its outstanding debt to an unnamed non-profit, The Sun revealed.
The Duke and Duchess of Sussex Pays Extra Money Because of “Time Costs”
According to a report, a claim of £213,000 had been received by a creditor in relation to a grant due to a “not-for-profit enterprise”.
A total of £134,500 was paid off last year as the Sussex pair declared all of its debts in full within 12 months.
The couple later paid the remaining £78,500 at a later date, but the delay in payment brought about an extra cost of £27,447 as the “time costs exceeded the estimate”.
The document also revealed that the sum of £22,000 will be given to Harbottle & Lewis for legal representation.
The foundation was created back in 2019 by Harry and Meghan, who called it Sussex Royal – The Foundation of the Duke and Duchess of Sussex.
They Changed The Name Of Their Foundation
But the pair changed the name to MWX Foundation when they permanently stepped back from court life.
It’s been almost a year since the couple instructed a voluntary liquidator to wind up the charity, essentially cutting another tie with Britain.
A report filed by Smith & Williamson in September 2021 showed the concern had £289,106 held in an account with Coutts & Co when they were called in.
It said the body had a wholly-owned subsidiary – Harry and Meghan’s trading arm MXH Trading Ltd – which the couple are also voluntarily looking forward to shutting down as well.
The document said that £26,000 will go to Harbottle & Lewis for legal representation and £10,000 to liquidators.
In other news, Meghan Markle and Prince Harry are still outsourcing her cartoon series “Pearl” to other networks after it was dropped by Netflix.
According to Insiders, Meghan Markle and “Pearl’s” executive producer David Furnish are looking forward to changing the concept to make it more marketable and exciting.
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