A luxury ski holiday company has called in liquidators after failing to attract enough customers, leaving Britain's Prince Andrew out of pocket by nearly 27,000 pounds ($44,710).
Descent International, which offered chalets in Alps locations such as Klosters, Switzerland, did not give a reason for its demise, but a senior manager at liquidators David Rubin & Partners said the global recession had taken its toll.
Descent is a classic company to be a victim of a recession -- it provided chalet holidays for extremely wealthy individuals. There was no expense spared, he told Reuters.
He said a list of creditors provided by the company included 'Andrew Inverness, care of Buckingham Palace', who is owed 26,600 pounds.
We understand that to be Prince Andrew, the David Rubin manager said, adding that he was unlikely to get the money back.
Prince Andrew, Earl of Inverness, is a son of Queen Elizabeth and brother to Prince Charles, the heir to the throne. According to the website welove2ski.com, he stayed in Descent in Klosters in January during the World Economic Forum nearby Davos.
He hosted a drinks party for guests at the forum including Business Secretary Peter Mandelson and Shadow Chancellor George Osborne, the website said.
Descent was owned by Botiga Holdings. Rival Scott Dunn has taken over its website.