Katie Price
The high court has declared Katie Price Bankrupt after she failed to pay back her debts.
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Price had agreed to pay back £12,000 a month as per an agreement she had made with her creditors.
The reality TV star had signed up for a plan called an Individual Voluntary Arrangement in a bid to avoid going bankrupt.
However, after failing to meet the agreement the London Court declared her bankrupt.
The mum of five was not present in the court, but the decision will mean that she will lose controlling ownership of her financial affairs and property.
Back in the 1990's when Katie went under the name Jordan the then glamour model is said to have been worth over £40 million pounds.
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However, her finances quickly started to dwindle and she recently started renovating her mansion in what was believed to be an attempt to sell it.
According to Metro, a source said,
‘Katie’s house makeover costs have spiralled out of control and have ended up as way more than she expected,’
