Katie Holmes, photo: Markus Klinko
Beset by unpaid debts, New York-based celebrity photographers Markus Klinko and Indrani have filed for Chapter 11 bankruptcy protection.
The duo, who were formerly a romantic couple and remain business partners, have photographed such A-listers as Will Smith and Beyoncé and shot work for major clients including Nike and Vogue. The photographers are scheduled to star in an upcoming reality show on the Bravo network called “Double Exposure.”
Laetitia Casta, photo: Markus Klinko
The two filed for bankruptcy separately. Indrani, who is identified in court documents as Julia Pal-Chaudhuri, filed for protection in U.S. Bankruptcy Court, Southern District of New York in a petition dated August 17. Klinko’s filing is dated August 20.
“The business has been devastated by the recession,” explains a filing by Double Exposure Studio, Indrani’s studio. The studio reports liabilities of $100,000 to $500,000 and assets of less than $50,000. Indrani’s business apparently owes unpaid taxes; her filing lists the IRS as a debtor.
Beyonce, photo: Markus Klinko
Klinko, meanwhile, says his photography business has $1 million to $10 million in liabilities and less than $50,000 in assets. “We owe money to many trade vendors which we cannot pay at this time, but anticipate paying under a plan,” says Klinko in a filing.
The photographers were facing debt problems even before the recession started. All Points Capital Corporation sued Klinko in 2007, seeking hundreds of thousands of dollars in unpaid mortgage debts. This year, Indrani was named as an additional defendant in the All Points suit.
The bankruptcy documents were published Friday on the Web site of The Wall Street Journal.
Britney Spears, photo: Markus Klinko
The Bravo show is not on the air yet, but is scheduled to premiere next year. The network bills the show this way: “With two former lovers working together 18 hours a day in incredibly high-stress environments, filled with deadlines, stretched budgets, expensive locations and demanding talent, it’s not unusual for sparks to fly both on camera and outside the frame.”
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