Katie Price has had one of her bankruptcy cases discharged after the former glamour model swerved a court appearance while she faced a hearing to settle her finances
Katie Price can finally close one chapter of her financial woes, as one of her bankruptcies has been discharged by a court.
The glamour model, who recently received some sad news and has been recovering from surgery, turned businesswoman had a scheduled court session this morning for a public examination regarding her finances after she was first declared bankrupt in 2019. Typically, bankruptcy orders wrap up after a year in England and Wales.
However, Katie’s automatic discharge from her initial bankruptcy was put on hold, leaving her under its restrictions. But Insolvency and Companies Court Judge Sebastian Prentis lifted the suspension on Tuesday, which takes effect retrospectively from December 7 last year, granting her discharge from bankruptcy.
Darragh Connell, the barrister representing the trustee of Price’s bankruptcies, proclaimed in court: “The public examination of the first bankruptcy can be formally concluded in open court.” Katie – who gave the hearing a miss – found herself bankrupt again in March last year due to an outstanding tax debt exceeding £750,000, which is still active.
The inquiry into that bankruptcy is postponed until April 8. Katie, once boasting an estimated wealth of £45 million from her modeling, books, and TV gigs, acknowledged her downfall to insolvency in 2019 was partly due to footing the bill for ex-partners’ extravagant ways and legal bills, with debts piling up to £3.2 million, reports the Mirror.
In March 2024, Katie was declared bankrupt once more due to an outstanding tax bill exceeding £760,000. The High Court determined that the former Page 3 model would forfeit half of her monthly income to settle her debts.
Four companies were named, including the adult-only subscription site OnlyFans and a photographic agency, Backgrid. Insolvency and Companies Court Judge Catherine Burton stated that the four companies are “obligated to deduct 40 per cent of the income due to being paid to Ms Price” each month for the next three years.
Over the summer, Katie was arrested at Heathrow Airport in front of her disabled son Harvey and taken into police custody for missing previous hearings. A judge issued an arrest warrant after she failed to attend a hearing related to her bankruptcies.
She previously claimed she was “not running from matters”, but was “away working for a documentary on corrective surgeries” during the court hearing. . A judge set another court date for August 27 and warned: “You have to attend that date, no ifs or buts, no going abroad, no holidays.”
“I will move my diary for it,” Katie responded. She received an eviction notice ordering her to vacate her £2million Mucky Mansion by the end of May before the bailiffs arrived.
Katie was also ordered to surrender six cars – a Volkswagen Beetle, a Nissan, two Range Rovers, Suzuki Vitara and Infiniti FX50 – on July 5. During her August court appearance, proceedings were postponed when her lawyer, Bertie Beor-Roberts, requested: “We are asking the court to adjourn the examination generally. The general purpose is to permit Price to attend a private interview with the trustee and then to continue to engage constructively.”
Just last month, Katie expressed confidence about resolving her financial troubles, predicting an end to her second bankruptcy looming on the horizon. The ex-glamour girl opened up to her sister Sophie during an episode of her podcast, The Katie Price Show, and excitedly shared: “There’s just nothing negative around me. The bankruptcy ends in March. Woo, woo! That bit ends, so I’m back on track.”
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Source: Celebrities - dailystar.co.uk
