After failing to repay debts amounting to Â£800,000, former model and reality TV star Katie Price, has been declared bankrupt by the High Court in London. The move came after the 41-year-old failed to pay Â£12,000 a month to her creditors, as part of the Individual Voluntary Agreement signed in November, last year.
The court ruling, which came six weeks after a judge gave nod for another bankruptcy petition to be served to Price, would now lead to the sale of her assets including the Â£2million nine-bedroom home in West Sussex. The sale proceedings would be initiated by a trustee, appointed by the Court.
Giving his judgement in the case being heard at the specialist insolvency and companies court, Judge Jonathan Middleton, said, "I do judge Ms Price to be bankrupt. The date is today and the time is 12:35. Ms Price isn't present or represented so there is, as far as we can identify, no opposition."
What led to the judgement?
In November 2018, the mother of five, had submitted Individual Voluntary Agreement, a formal agreement which lets people with debt repay their creditors at an affordable rate in a bid to avoid bankruptcy to the High Court.
Despite the agreement, Price failed to repay her creditors Â£12,000 thus forcing them to renew the bankruptcy case. JMW Solicitors represented the insolvency practitioner overseeing Price's Individual Voluntary Agreement, Post the hearing, which neither had Price nor her lawyer, Adam Taylor, from JMW, said, "She hasn't acknowledged the petition."
An 'unbothered' Price blames ex-husband for her crisis
A night before the hearing, a heavily drunk Price was seen ranting off about her former husband, Peter Andre, on a train between King's Cross and Ebbsfleet. Drinking wine from a can, Price was telling the commuters how her ex-husband is to be blamed for her financial mess.
"Tomorrow, I'm being declared bankrupt. Even though I'm not bothered. I've known it's coming, going bankrupt, because I took him (Andre) to court. He's the worst person ever," said Price.
"I f****** can't wait. I'm better off. I know I shouldn't say it. It's good for me. It's better than paying two-and-a-half grand a month to f****** HMRC. I'm not worried," added Price to her rants.
Bankrupt Price's 'expensive way of life' led to her downfall
The former model had earlier said that she has spent her entire Â£45million fortune. Price, who has been married three times and has five children failed to pay her home's mortgage repayment amounting up to Â£100,000. It was reported that she spends Â£2,000 per month on the heating of the house, by leaving it running it all day. It was also reported that the 41-year-old British media personality spent Â£120,000 on housekeepers, gardeners and nannies.
Price, whose only source of regular income is Quest Red TV show My Crazy Life and advertising weight loss products on her Instagram feed, which was banned recently, is believed to have spent Â£25,000 on plastic surgery. Apart from this, the former model spends Â£1,500 a week on manicures and pedicures, Â£1,000 on hair appointments and Â£800 on daily massages.
Earlier, in the month of March, it was revealed that Price has spent Â£25,000 in the last eight months during her leisure trips to Spain, Belgium and Thailand.
The owner of the Â£2million mansion, dubbed as a 'mucky mansion', bought it for Â£1.35million in October 2014. The mansion, former residence of politician Francis Maude, has nine bedrooms, a two-bedroom annexe, 12 acres of land, a pool, tennis court and stables, has been in shambles ever since. Last month the media personality brought in some cleaners to clear up the place.
The famous Pink Range rover and Pink Horsebox sold?
Last week, Price's beloved pink coloured Â£75,000 Range Rover, was sold during an auction at the Chelmsford based Essex used car dealership. An avid horse rider, the ex-model has been trying to sell her animals along with the famous pink horsebox.
Previously, Price had also revealed that having left with no choice, she was considering sending her 16-year-old son Harvey, who suffers from autism and Prader-Willi syndrome, into care.
The professional and personal life of Price
Born as Katrina Infield in 1978, Price took the new surname at the age of four after her mother married Paul Price. Trained as a nurse, Price always wanted to be a model. Her friend clicked her pictures and sent them to Page Three girls agent Samantha Bond.
After she entered into the world of modelling, Price changed her name to Jordan. Soon she reached her pinnacle of success in 1990s earning Â£100,000-a-year deal with a newspaper and up to Â£10,000 on a daily basis. She was believed to be earning Â£250,000 per year from modelling assignments alone.
Gaining popularity for her breast enlargement surgery, Price contested for the post of MP in 2001, offering free breast implants on the NHS. Price also published a book Being Jordan besides participating in reality shows such as Footballers' Wives, I'm A Celebrity... Get Me Out of Here!, Celebrity Big Brother and Eurovision Song Contest
She was married to Peter Andre (2004-2009), Alex Reid (2010-2011), Kieran Hayler (2013). Price, who got rid of her name 'Jordan' in 2015, has five children â Jett (5), Bunny (4), Harvey (16), Junior (13), and Princess (11).