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Katie price declared bankrupt after blowing her £45m fortune, failing to pay debts

Former model and reality TV star, Katie Price, has been declared bankrupt in a hearing at the High Court on Tuesday.

She was told by the court that she had failed to stick to a plan to repay her debts.

According to Dailymail, Price is believed to have debts of £800,000 and has been failing to pay £12,000 per month to her creditors.

The 41-year-old who was once worth an estimated £45 million had been pursued by creditors and taxman after revealing she has spent her entire fortune.

The reality TV star, last year December was allowed to enter into an Individual Voluntary Arrangement with her creditors for a repayment plan.

The insolvency practitioner overseeing her IVA said she had failed to keep to the terms of the agreement.

Now that she’s been made bankrupt, the Official Receiver will take control of her financial affairs and property.

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