Katie Price Failed IVA
In a very public example of what happens if you don’t stick the agreed repayments of your individual voluntary arrangement (IVA), Katie Price, a.k.a. former glamour model Jordan, was declared bankrupt, and has been stripped of her assets which are to be sold to pay her debts.
The mother-of-five, previously known as Jordan, chose not to attend or send a lawyer. Adam Taylor, from JMW, said: ‘She hasn’t acknowledged the petition.’
Judge Jonathan Middleton, sitting at the specialist insolvency and companies court, said: ‘I do judge Ms Price to be bankrupt. The date is today and the time is 12:35.’
He added: ‘Ms Price isn’t present or represented so there is, as far as we can identify, no opposition.’
Katie Price was accepted for an IVA last year with debts of around £800,000, it was arranged for her to repay £12,000 a month for four years – writing off around £250,000 of debts!
However, she was declared bankrupt after not sticking to the plan. Katie has continued to live her extravagant lifestyle with a series of highly-publicised holidays, surgery, and mansion makeover. Obviously this isn’t the best idea for someone struggling with their finances…