Katie Price declared bankrupt weeks before Christmas

26 November 2019, 12:53 | Updated: 26 November 2019, 12:59

Katie Price has been declared bankrupt at a court in London
Katie Price has been declared bankrupt at a court in London. Picture: PA

By Asher McShane

Katie Price has been declared bankrupt at a court in London.

The former glamour model, 41, had revealed she has spent her entire £45million fortune. She avoided bankruptcy last year after reaching a deal with creditors.

Last month a judge in London gave the go-ahead for her to be served with another bankruptcy petition.

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

At a hearing in October last year, she was given time to negotiate a deal with the taxman over her finances and her proposal for an Individual Voluntary Agreement (IVA) was accepted on November 30.

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.

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