Katie Price given more time to halt bankruptcy
FORMER glamour model Katie Price has made a bid to avoid bankruptcy with just one day to spare.
The reality TV star is being pursued by creditors and the taxman after revealing she has burned through her entire £45million fortune. Some reports have put her debts at an estimated £250,000.
Yesterday she submitted a payment plan — known as an Individual Voluntary Agreement — to the high court.
Had she not done so the court could have declared her bankrupt and appointed a trustee to sell off her assets, including her £2million Sussex home. The London court hearing was adjourned until December 4.
Rachael Lam, representing HM Revenue and Customs, said: ‘An IVA proposal from Miss Price was circulated yesterday. A meeting of creditors is to be held on November 16.’
The mum-of-five owes £22,000 in tax. In August, she was given 12 weeks to come up with a payment plan.
The 40-year-old’s third marriage has collapsed and her mansion, with its swimming pool and tennis courts, is said to be in disrepair. Over the years, she has spent millions on plastic surgery, luxury holidays, house renovations, a hefty mortgage and staff. Her reality show My Crazy Life airs on the Quest channel.
Author: Grainne Cuffe