UK Independent Party Faces Bankruptcy as Principal Sponsor Threatens to End Support

by San Antonio Attorney

UKIP faces the possibility of bankruptcy as one of its primary financial supporters is seriously considering relinquishing his support to the political party, according to multiple media reports.

UKIP, otherwise known as the UK Independence Party, is considered as the ‘right wing populist party’ in United Kingdom.  Aaron Banks, a major benefactor of Ukip, will organize a meeting to convene with other donors to discuss the political party’s financial prospects.

Banks, an insurance millionaire, donated approximately £1.3 million to Ukip for the past 18 months.  A close acquaintance of Banks told the media that he has no second thoughts leaving UKIP.

The source further added that Banks is not going to add any more money and he is absolutely ‘sick of it’.  Banks has already supported the leadership campaigns of both Diane James and Steven Woolfe which cost more than £20,000.

If UKIP’s loans recalled, the political party would be considered insolvent, according to a close source.  The party has experienced a series of financial crisis for the past few weeks after Diane James, UKIP’s leader suddenly resigned due to personal and professional reasons.

Prior to James’ resignation, she only served a tenure of 18 days.  Steven Woolfe, one of UKIP’s frontrunners, was set to replace Jame’s position.  However, Woolfe immediately resigned after a physical altercation with Mike Hookem, a fellow UKIP member.

Woolfe suffered minor injuries and was hospitalized after the altercation.

UKIP owes a total of £315,000 to three different donors, according to the Electoral Commission of UK.  The largest amount of loan worth £200,000 belonged to Chris Mills.

The Electoral Commission regulates the financial activities of both political parties and election funds.

A representative of UKIP admitted that UKIP has already experienced financial troubles from July 2015 to March 2016.  However, the political party denied any reports that they were sinking due to a huge amount of debt.

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