Katie Price returns to bankruptcy court to stop paying £ 3.2million debt
BANKRUPTCY Katie Price will return to court next month in a bid to default on her Â£ 3.2million debt.
After having been declared bankrupt in November 2019, Katie was supposed to pay her creditors Â£ 12,000 per month after entering into an Individual Voluntary Agreement (IVA) – but did not.
Officials will now examine his attempts to repay his heavy debts to his creditors two years after the bankruptcy.
She has seen her once lucrative Â£ 45million media empire crumble after her third marriage to Kieran Hayler fell and her businesses collapsed.
The reality TV star, 43, managed to avoid bankruptcy in early August 2019, but was given only 12 weeks to avoid financial ruin.
Her bankruptcy was extended in November 2020, which gave her extra time to collect the money she owed.
Katie is now under pressure to pay off the Â£ 3.2million debt after failing to attend meetings and repay losses.
A source told The Sun: âKatie has to come back next month – the debt is huge and it’s unlikely that she will be able to pay it off.
“She hopes the court understands why progress has been slow.”
Despite looming bankruptcy, Katie has been busy planning her fourth wedding to her fiancÃ© Carl Woods.
She teased fans to “expect the unexpected” for the ceremony with “never seen before” plans.
Not only has speeches been banned, but the mother-of-five has banned celebrity guests from attending to ensure all eyes are on the bride and groom.
Her ex-husbands and the fathers of her children, Peter Andre and Kieran Hayler, were also struck from the guest list.
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Katie’s representative told us, âKatie continues to work closely with her trustees and creditors to resolve the terms of her bankruptcy.
“She remains committed to delivering a positive outcome for all parties involved”