Katie Price declared bankrupt

Albertina LloydEntertainment reporter, Yahoo UK

Katie Price has been declared bankrupt.

The 41-year-old former glamour model and mother-of-five dodged bankruptcy in December last year after agreeing a plan to pay back what she owes.

But at hearing at specialist insolvency and companies court in London today Judge Jonathan Middleton said: "I do judge Ms Price to be bankrupt."

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The reality TV star was once said to be worth £40 million. Among her various business ventures are a range of equestrian clothes, a series of best-selling novels and a range of nutritional supplements.

Read more: Katie Price: Harvey will not hide away because of his disability

She is currently starring in her own reality TV series My Crazy Life on Quest Red TV, which has seen her renovating her Sussex mansion in order to sell the property.

Katie Price has failed to keep up her repayment plan (Credit: PA)
Katie Price has failed to keep up her repayment plan (Credit: PA)

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 (IVA) 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.

Earlier this month her custom pink Range Rover was spotted on sale at a used car dealership in Essex after being ‘repossessed’.

In June her pink Volkswagen Beetle was repossessed due to spiralling fines from an unpaid toll charge dating back two years.

Read more: Katie Price's son asks people not to bully him

Price - who underwent further cosmetic surgery this summer - reportedly dropped out of Celebrity SAS: Who Dares Wins after just 48 hours as she struggled to cope with the gruelling military training. She was believed to have negotiated a fee of £120,000 to take part in the Channel 4 reality show.

She was fined £415 earlier this year after pleading guilty using abusive and threatening behaviour towards her ex-partner’s girlfriend.

Price is mother to 17-year-old Harvey, whose father is footballer Dwight Yorke, 14-year-old son Junior and 12-year-old Princess with ex Peter Andre and five-year-old son Jett and four-year-old daughter Bunny with third husband Kieran Hayler.

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