Katie Price Declared Bankrupt Amid Spiralling Debts

The 41-year-old British model-turned-reality television star faces losing her property and assets after declared bankrupt for failing to pay back her debts.

AceShowbiz - Troubled British glamour model Katie Price has been declared bankrupt at Britain's High Court.

According to the BBC, the one-time pin-up was told she had failed to stick to a plan to repay her debts at a hearing in London on Tuesday, November 26, which she did not attend.

Amid reports of spiralling debts, last year, Price, 41, avoided bankruptcy by agreeing to an arrangement with her creditors for a repayment plan known as an Individual Voluntary Arrangement (IVA).

However, the insolvency expert overseeing the repayment plan told the court she had failed to keep to the terms of the agreement.

As a result, she's been officially made bankrupt, and receivers will take control of her financial affairs and property.

The mother-of-five found fame in the 1990s as a topless model before carving out a career as a reality TV star on British shows like "I'm A Celebrity...Get Me Out of Here!".

The thrice-divorced model was once thought to be worth more than $51 million but has increasingly hit the headlines in recent years due to legal troubles and personal difficulties. Her mansion in West Sussex, England, has fallen into disrepair, and she entered rehab last year after admitting to using cocaine.

Price was also one of three British celebrities who had Instagram posts advertising diet products banned by U.K. Advertising Standards Authority officials last month.

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