Katie Price to appear in bankruptcy court today to make last-ditch bid to stave off total financial collapse
KATIE Price will appear at the bankruptcy court today as she faces total financial collapse.
The reality star, once worth £45million, is scheduled to arrive at the Rolls Building in London, part of the High Court, for a hearing that could see her formally declared insolvent.
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Katie, 40, has been bidding to stave off bankruptcy for months as her once lucrative media empire began to fall apart after the downfall of her third marriage and the collapse of her businesses.
The star is already trying to sell her £2million home, which sources claim is burdened with thousands of pounds in debt.
A source said: “Katie has always been very proud of her reputation as a successful businesswoman, despite everything else that has been said about her.
“She’s tried everything possible to avoid bankruptcy and has spent weeks trying to put off what was becoming increasingly inevitable, but this hearing could be the end of that last hope of saving it.
“She is going to have to face the music.”
Last month The Sun revealed Katie is selling her menagerie of farmyard animals in a bid to sort out her finances, with a source saying she “isn’t as flush as she was”.
It also told how the glamour model’s £2million West Sussex mansion was in a massive state of disrepair, with the swimming pools and tennis courts abandoned and rubbish strewn across the property.
Katie, whose reality show My Crazy Life is currently airing, was then pictured in Thailand writhing naked on toyboy Kris Boyson, 29, in what The Sun later revealed was a paid bid to stave off bankruptcy amid her divorce from stripper Kieran Hayler, 31.
This month The Sun uncovered the full extent of her cash woes, revealing she had blown her entire £45million fortune on plastic surgery, luxury holidays and other costly expenses, and that she has no viable running businesses.
Question marks emerged over whether she could afford the £10k a month repayments on her over £1million mortgage, which was £100k in arrears, plus a £25k yearly heating bill and £120k army of housekeepers — explaining her estate’s shoddy upkeep.
Yesterday Katie took maintenance of the nine-bedroom property into her own hands as she was pictured mowing the lawn.
In her Noughties pomp, the former Page 3 girl raked in £6.2million for a string of autobiographical reality shows.
She also bagged £3.5million for an Asda lingerie collection and sold more than three million copies of her books.
A spokesman for Katie said: “Kate is aware of the hearing and is working with her advisors to resolve her current financial issues.
“She hopes to be in a position to do so and reach agreement with her creditors.”