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Katie Price is declared bankrupt as creditors chase her after she blew her £45 million fortune

Katie Price is declared bankrupt as creditors chase her for £250,000 debts after she blew her £45million fortune

  • Katie Price has been pursued by creditors after spending her £45million fortune
  • Former glamour model submitted a payment plan over £250,000 debts last year
  • But 41-year-old former glamour model’s case was back at court in London today
  • Six weeks ago judge allowed her to be served with another bankruptcy petition 

Katie Price, pictured in South East London, in February, faced further legal action today

Katie Price was today declared bankrupt at a court after facing further legal action over her spiralling debts.

The 41-year-old former glamour model had been pursued by creditors and the taxman after revealing she has spent her entire £45million fortune.

The ruling means a trustee could now be appointed to sell off her assets, including her home in West Sussex.

Judge Jonathan Middleton, sitting at a specialist insolvency and companies court, said: ‘I do judge Ms Price to be bankrupt.’

Her case was heard at the Rolls Building in London today, six weeks after a judge gave the go-ahead for her to be served with another bankruptcy petition. 

Last November she submitted a payment plan – known as an Individual Voluntary Agreement – over her estimated £250,000 debts to the High Court. 

An IVA is a formal agreement which lets people with debt repay their creditors at an affordable rate in a bid to avoid bankruptcy.

However, the renewed bankruptcy proceedings were brought after she failed to meet the terms of the agreement.

The star has feared she may be forced to sell her West Sussex mansion if declared bankrupt

The star has feared she may be forced to sell her West Sussex mansion if declared bankrupt

Price has been trying to sell off her pink Fiat Ducato horsebox and a number of her animals

Price has been trying to sell off her pink Fiat Ducato horsebox and a number of her animals

The I’m A Celebrity… Get Me Out Of Here! star was once worth £45million, but she avoided bankrupcy last year after reaching a deal with creditors.

Over the past two years there have been reports that the ex-model, a keen horse rider, had been trying to sell off her pink horsebox and a number of her animals.

Her £2million mansion, a former home of politician Francis Maude, boasts nine bedrooms, a two bedroom annexe, 12 acres of land, a pool, tennis court and stables.

She bought it for £1.35million in October 2014, but it has since fallen into a state of disrepair, with the grounds strewn with rubbish and the pool full of dirty water.

Katie Price launches a book in London in July 2010

Katie Price on I'm A Celebrity... Get Me Out of Here! in 2014

Price launches a book in London in 2010 (left) and appears on I’m A Celebrity in 2014 (right)

Earlier this year Price revealed that she has ‘no choice’ but to put her 16-year-old disabled son Harvey, who has autism and Prader-Willi syndrome, into care.

Harvey’s father is former footballer Dwight Yorke, who requested a DNA test to prove that Harvey was his son after he was born. He has since been absent from his life.

Price also has two children with ex-husband Peter Andre, son Junior and daughter Princess, and two with her other ex Kieran Hayler, daughter Bunny and son Jett.

Price was the winner of the 15th series of Celebrity Big Brother and was runner-up in the search for the UK’s entry for the Eurovision Song Contest in 2005. 

Read more at DailyMail.co.uk


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