KATIE Price has set her sights on £194k pink Porsche after being made bankrupt for SECOND time over £750k tax debt
Earlier today it was revealed that the former glamour model, 45, has gone bankrupt for the SECOND time after blowing her £45M fortune.
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The hearing, which was held at the Rolls Building in London on March 18, heard that the star owes HMRC £761,194.05.
It comes after she was declared bankrupt after failing to pay her debts back in November 2019.
Since the hearing, Katie shared a video of a hot pink Pink Porsche GT3RS on her Instagram story.
The impressive motor is said to be worth around £194k.
Katie did not attend the bankruptcy hearing today and did not send a lawyer either.
Court Judge Sebastian Prentis said that the media personality had not responded to HMRC over the debt and declared her bankrupt.
He said: “There has been no response from the debtor.
“The papers are in order.
“There is substantial debt due from Ms Price to HMRC and therefore I will make a bankruptcy order.”
This means that she could face losing her Mucky Mansion based in Sussex.
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The model has dodged court a number of times since November 2021.
She previously swerved court in January 2024.
At the last hearing in September, Katie was expected to tell the court how she planned to meet her debts or else prove that she needs the property as crucial to her work.
Back in September the star opened up about being sent to prison.
She said: “I’m so threatened with court letters, and I’ve been to court more times than I’ve had hot dinners lately. I am not scared of court anymore.
“I have said: ‘Can’t you just put me in prison just to cover it all? Just to be done with it.’
“I’m fed up with the reminders and why I’m in [court]. I genuinely don’t care if I go to prison, because it’s done then.”
Appearing on Michelle Visage’s Rule Breaker’s podcast, Katie continued: “I love all the prison stuff and I can experience what it’s like in there.
“I could do a story when I come out of me in prison, and it’s a win-win situation isn’t it? It wouldn’t affect my job. I wouldn’t be in there long.”
Katie added: “If they keep threatening me, just do it. ‘If you do this you could go to prison.’ Just do it.”
Why is Katie Price bankrupt?
Reality star Katie Price was declared bankrupt in November 2019 and blew her £45million fortune.
What is bankruptcy?
Bankruptcy is a legal status whereby debts cannot be repaid.
In the UK being bankrupt is limited to applying to individuals but in the US and some other countries, it can be applied to companies as well.
The word itself is derived from the Italian phrase banca rotta meaning “broken bank”.
In the modern world, it normally involves a restructuring of debts in an attempt to rehabilitate those who owe the money and sometimes continue with their business.
In most jurisdictions, people or companies are declared bankrupt by a court order.
Is it the same as insolvency?
Bankruptcy is just one type of insolvency in the UK.
There are two legal definitions of insolvency in the UK with one being where a business or individual’s liabilities (what you owe) exceed your assets (what you own), or, where you are unable to pay your debts as they fall due.
Additionally, there are several different types of insolvency, only one of which is bankruptcy, these include:
- liquidation (applies to a limited company or partnership)
- administration (applies to a limited company or partnership)
- company voluntary arrangement (applies to limited companies)
- partnership voluntary arrangement (partnerships)
- individual voluntary arrangement (individuals who can also be made bankrupt)
- debt relief order (where an individual owes less than £15,000)
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