Katie Price prepares for High Court showdown with creditors
Katie Price will face the High Court tomorrow after apparently failing to ‘fully engage’ with creditors to pay off her £3.2million debt.
The reality star, 43, who is currently facing an investigation into how she funds her lifestyle, will examine how she pays off debts incurred by her company Jordan Trading Ltd, during the indictment hearing bankruptcy, reports The Sun.
The hearing comes just 48 hours after the former glamor model joked about buying a “flash” new car in an Instagram post.
Earlier this year, a source claimed Price “has not fully committed to paying creditors.”
Katie Price (pictured with her mum and sister in an Instagram post today) will face the High Court over how she paid off her debts
On Saturday, Price took to her Instagram Story to share a photo of herself riding her beloved horse Wallis and joked that she wished she could find an engine that “flashes like him.”
The source told the Mirror the directors were ‘casting the net wide to assess how much money was coming into Katie’s coffers’ and preparing a dossier of deals Price had reached ahead of his hearing this month.
The mother-of-five was declared bankrupt in 2019 and pledged to repay £12,000 a month under an Individual Voluntary Agreement.
Jordan Trading Ltd was set up by Price in 2003 to oversee the star’s fragrance and makeup ranges, but in 2017 a request was filed to liquidate the company as Price tried to sort out its finances.
Bankruptcy forced Price to give up his £2million 11-bedroom mansion the same year after handing over the property to a trustee.
She took out a second mortgage on the property in 2015 but faced monthly payments of £12,300.
After years of incomplete renovations, the house has been dubbed the “mucky mansion” with Price even showing the extent of the mess in his reality series My Crazy Life.
This year, Channel 4 confirmed that the release of Price’s new documentary ‘Mucky Mansion’ will go ahead as planned.
The new show follows Price as she tries to fix the house which has been in disrepair after various incidents including fly dumps, flooding and a fire.
Last month, the former glamor model was given a 16-week suspended sentence and a two-year driving ban for overturning her uninsured BMW X5 in a hedge while disqualified and under the influence from a country road near her home in West Sussex on September 28.
Price was given a suspended prison sentence for complying with an order to attend the £6,800-a-week rehab centre.
The reality star, 43, is currently facing an investigation into how she funds her lifestyle
The former glamor model was given a 16-week suspended sentence and a two-year driving ban for flipping her uninsured BMW X5 into a hedge while disqualified and under the influence. Pictured Price arriving at Crawley Magistrates’ Court in West Sussex in December 2021
This year Channel 4 confirmed the release of Price’s new documentary ‘Mucky Mansion’
After her court appearance, Price released a statement saying she was “incredibly sorry” and “sincerely grateful that no one was hurt.”
Drunk driving campaigners said they were ‘stunned’ by the ‘incredible’ sentencing, but the judge said Price would avoid going to jail because she had a stay at the clinic celebrity drug rehab The Priory and that she had stayed out of trouble.
Speaking on Good Morning Britain after her sentencing, the mother-of-five said she was ‘dealing with it’.
She said: “The events have been really traumatic. It was traumatic afterwards, so I’m not ready to talk about it yet.
“But what I will say is that I went to the Priory and finally made the decision to see a therapist every week, forever, to deal with the traumatic events that led me to get in that car. .
“I’m very good at hiding things, but when I’m ready to talk about it, I’ll talk about it. There are reasons why I got in that car and my mental state, but when I’m ready, I will.
“I’m ashamed of it all. There are reasons I’m still dealing with now. It’s a new year but I’m still dealing with it, people shouldn’t judge people, there are always reasons for things.
The reality star, who is currently facing an investigation into how she funds her lifestyle, will examine how she pays her debts at the High Court
Yesterday Price took to her Instagram story to share a photo of herself riding her beloved horse Wallis and joked that she wished she could find an engine that was “flash like him”.
“Love it,” she captioned the video originally posted by a friend from the stables. “I had him 14 and he still acts like a five-year-old.”
She added: “I’m going to make sure my new car will flash like him.”