By George Stephens • 26 November 2019 • 14:23
The former model Katie Price avoided bankruptcy in December last year after agreeing a plan to pay back what she owes but the plan failed
At a court hearing in London today, a judge slammed down his hammer and declared her bankrupt.
Judge Jonathan Middleton, sitting at a specialist insolvency and companies court, said: “I do judge Ms Price to be bankrupt.”
The 41-year-old, who was also formerly known as Jordan, was once said to be worth more than £40 million.
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 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.
She will now have to deal with the insolvency service who will decide on the length of her Bankruptcy period which will be dependent on her actions and her creditors.
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