‘The tax man will be pleased’ joke Katie Price fans as new book soars to the top of charts amid her double bankruptcy
KATIE Price fans have joked how "the tax man will be pleased" after her new tell-all book soared to the top of book charts.
The former glamour model, 45, is currently facing her second bankruptcy over an unpaid £750k tax bill.
This was after she was previously declared bankrupt in 2019 with debts of £3.2million, having blown her £45million fortune.
When Katie announced her seventh autobiography on Instagram yesterday, she was met with adulation from her followers.
One commented, "Fabulous! I’ve read all your autobiographies," while another added, "Yes girl! Just ordered mine! You can sign it for me too."
But someone else wrote, "The tax man should be happy he will get his 40%, not sure what more she can write after the podcast etc that she has done."
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A fourth chimed in with, "What haven’t you shared online, Pretty much you covered it all."
Despite not being released until July 18th, it has already reached the top spot on Amazon's 'Movers and Shakers' chart in the UK.
Yesterday, The Sun revealed Katie had received another blow after ‘not co-operating’ in paying back her £3.2m debt.
It had been anticipated she would be discharged from bankruptcy after one year had passed - but due to her lack of engagement, the status has remained 'indefinite'.
We told how she remains trapped in her 2019 insolvency, stemming from outstanding tax and mortgage payments.
Despite the appointment of a trustee to assist in resolving her debts exceeding £3million, Katie's unwillingness to assist has led to the indefinite suspension of her discharge.
Government guidance reveals: “You will be freed from bankruptcy (discharged) after 12 months. This ends the bankruptcy restrictions and releases you from most of the debts you had when the bankruptcy order was made.
“Your bankruptcy can be extended for longer than 12 months if you do not cooperate with your trustee.
“Check your discharge date using the Individual Insolvency Register on our website. If your discharge status is 'suspended indefinitely' you need to contact the official receiver for an update.”
It emerged last month the former glamour model had been made bankrupt for a second time over a £750k tax debt.
The London Insolvency and Companies Court was told that Katie owes £761,994.05 to HMRC.
But this time around, the former I'm A Celebrity campmate admitted she was “dealing with serious stuff.”
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)
She explained to the pre-recorded podcast: "I know I had court, I think it was last week or the week before.
"Because of what’s going on in my life, I’ve actually been signed off because… I’m dealing with serious stuff.
"There’s all different kinds of bankruptcy, I think they just use the word ‘bankruptcy’. No-one actually knows the ins and outs of everything.
"And trust me, I don’t get away with stuff either. Like, you can’t, like tax, you can’t ever run away from, you have to pay. Don’t think I sit and don’t pay stuff, because I do."
The former Loose Women star reportedly did not even send a lawyer to the latest hearing, which is part of a long string of financial woes.
She now faces losing her £2million Sussex pad or she could see bailiffs come around to repossess anything that could help pay back the debt owed to the government department.
Court Judge Sebastian Prentis said she had not responded to HMRC over the debt and declared her bankrupt.
He commented: "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."
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Elsewhere, Katie is planning to sell her “Mucky Mansion” and buy her “dream home” — in Yorkshire.
The media personality, who is currently dating MAFS star JJ Slater, 31, is set to move 230 miles north and leave behind her West Sussex pad, which is in disrepair.
- Visit our Katie Price page for the latest updates
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