James O'Brien 10am - 1pm
Katie Price declared bankrupt weeks before Christmas
26 November 2019, 12:53
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.