Rumours are swirling that UKIP may be facing bankruptcy over outstanding legal fees, owing £175,000 in a libel case brought against the party by three Labour MPs.

But Scrapbook can reveal – after having gained access to the party’s credit rating report – that the party may be have even greater trouble settling the bill than previously thought…

UKIP have a credit rating of just 26 out of 100, deeming them ‘high risk’, and entitling them to borrow the princely sum of… £0.

Yes that’s right, UKIP’s finances are deemed so precarious by credit assessors that they can’t borrow a single penny.

And their low credit rating has limited their credit worthiness to zero since August 2016 – previously having a credit limit of over £50,000.

UKIP saw their credit rating slide from an impressive 99/100 in March 2014 to the depths of 4/100 in June last year – and it’s only improved very slightly since then.

What’s is it about the state of UKIP’s finances that gives them such a lousy credit rating?

On the most recent assessment by due diligence website DueDil, the party’s net assets stand at -£174,000; their liabilities outweighing their assets.

The biggest hit to the party’s coffers appears to have come from fighting the 2015 election, which saw UKIP’s net assets slide from over £350,000 to a low of -£540,000.

How UKIP will be able to pay the £175,000 legal bill whilst having negative net assets and without being able to borrow any money is yet to be seen…

UKIP also have a County Court Judgement (CCJ) from January 2017 worth £2,991, which according to the financial records they’ve not paid.

We contacted UKIP about who the creditor was in this CCJ but our call was forwarded to Gawain Towler – UKIP’s former head of press who supposedly quit UKIP in February – who told us:

“I have absolutely no idea what you’re talking about.”

Although he did say he’d “look into it”.

It’s all hardly a ringing endorsement for a party that uses a pound symbol for their logo…

  1. “It’s all hardly a ringing endorsement for a party that uses a pound symbol for their logo…”
    I couldn’t agree more.

  2. The only reason that the power that be are pushing UKIP into bankruptcy, is that they are terrified of its power over ordinary voters, and that given a chance it could overpower all the other English political parties.

  3. “given a chance it could overpower all the other English political parties.”

    By given a chance do you mean if someone actually voted for it? I’m assuming Jesse’s surname is pronounced ‘prick’. Just a wild guess, like.

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