Katie Price has been declared bankrupt at the High Court in London after failing to adhere to a repayment plan for her debts. The 41-year-old former model and reality star did not attend the hearing.
Last year, Price entered into an Individual Voluntary Arrangement (IVA) with her creditors, but the insolvency practitioner overseeing the agreement said she had not kept to its terms. The Official Receiver will now take control of her financial affairs and property.
Price, who lives in West Sussex, rose to fame in the 1990s as the glamour model Jordan and was once reported to be worth over £40 million. She has since built a career in publishing, television, and fashion, but has faced a difficult period recently, including stints in rehabilitation and a conviction for drink-driving.
Under bankruptcy restrictions, Price cannot apply for credit over £500 without disclosing her status to the lender. The bankruptcy is expected to end after a year, at which point most debts are written off, allowing for a fresh start.
