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Katie Price declared bankrupt after blowing million dollar fortune

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Singer Katie Price has been declared bankrupt by a London court after she failed to pay off thousands of pounds in debt despite warnings from her creditors, a media report said on Tuesday.

Price, earlier known by pseudonym Jordan, is a media personality, model, and author. Mother to five children, she now runs the risk of losing her mansion due to insolvency, the Mirror reported.

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Price was declared bankrupt after she had blown her entire £45million (Rs 413 crore or 57 million dollars) fortune over the years.

The 41-year-old was once said to be worth £45million.

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She didn't turn up in person or sent a lawyer to fight her case in court, the report added.

JMW Solicitors, who represented the insolvency practitioner overseeing Price's IVA, said: "She hasn't acknowledged the petition."

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She had submitted a payment plan in the form of an Individual Voluntary Agreement (IVI) late last year to manage repayment of estimated £250,000 in debt.

But she was unable to meet her creditors' demands and pay back £12,000 a month to her creditors in time.

In September, a bankruptcy charge was laid on her West Sussex mansion.

At a hearing in October 2018, she was given time to negotiate a deal with taxmen over her finances and her proposal for an IVA was accepted on November 30, 2018, the report said.

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