Katie Price, the former glamour model, has been declared bankrupt for the second time, owing to an outstanding tax bill exceeding £750,000. The declaration occurred during a brief session at London’s Rolls Building, where Insolvency and Companies Court Judge Sebastian Prentis noted Price’s lack of response to HM Revenue and Customs (HMRC) regarding the debt.
Consequently, the judge declared her bankrupt, specifying that the bill comprises income tax, VAT, surcharges, and interest from self-assessments for the years 2020-21 and 2021-22.
This latest bankruptcy declaration follows Price’s previous bankruptcy in 2019, stemming from unpaid debts. It coincides with a series of financial difficulties, including a recent court order requiring her to allocate 40% of her earnings from the adult entertainment platform OnlyF*ns to trustees over the next three years due to separate outstanding debts.
Price financial struggles have been widely publicized, with her expressing frustration at legal threats and even suggesting she would willingly go to prison to resolve her issues. She has openly discussed her bankruptcy in interviews, advocating against the stigma associated with it and highlighting her battles with mental health.
Despite Price’s absence from court during the bankruptcy declaration, the substantial unpaid tax bill, including £761,994.05 owed to HMRC, represents a significant setback. This situation underscores the challenges of managing personal finances and the serious repercussions of neglecting tax obligations and debts.
Price financial woes have drawn continued attention, exemplified by a fine of £880 for driving without a licence or insurance in Northamptonshire in August of the previous year. This incident, alongside her ongoing financial struggles, illustrates the complexities she faces in managing her finances and the broader implications for her public image and personal life.
