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26 November 2019 20:47

KATIE Price has been declared bankrupt at a court in London.

KATIE Price has been declared bankrupt at a court in London. The former glamour model, who lives in Horsham, avoided bankruptcy in December last year after agreeing a plan to pay back what she owes. But, at a hearing in London on Tuesday, a judge declared her bankrupt. Judge Jonathan Middleton, sitting at a specialist insolvency and companies court, said: "I do judge Ms Price to be bankrupt." The 41-year-old, formerly known as Jordan, was once said to be worth more than £40 million. 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.

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Katie Price declared bankrupt

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.