KATIE Price may face PRISON if she misses her upcoming bankruptcy hearing. The 43-year-old star will return to court in a bid to get out of paying off her £3.2million debt. Katie would be in contempt of court under the Insolvency (Amendment) Rules 2010 if she fails to appear without notifying the judge. The TV […]
KATIE Price may face PRISON if she misses her upcoming bankruptcy hearing.
The 43-year-old star will return to court in a bid to get out of paying off her £3.2million debt.
Katie would be in contempt of court under the Insolvency (Amendment) Rules 2010 if she fails to appear without notifying the judge.
The TV star is currently on holiday with fiance Carl Woods having taken their family to St Lucia – her fourth holiday abroad in just two months.
After being declared bankrupt in November 2019, Katie was supposed to pay off £12,000 a month to her creditors after taking out an individual voluntary arrangement (IVA) – but failed to do so.
Officials will now review her attempts to pay back her hefty debts to creditors two years after going bust.
She saw her once lucrative £45million media empire fall apart after the downfall of her third marriage to Kieran Hayler and the collapse of her businesses.
Katie managed to avoid bankruptcy in early August 2019 but was only given 12 weeks to stave off financial ruin.
Her bankruptcy was extended in November 2020, giving her extra time to earn back the money she owes.
Katie is now under pressure to pay off the £3.2 million debt after a failure to attend meetings and address paying back the losses.
A source told The Sun: “Katie is due back next month – the debt is huge and it’s unlikely she’ll be able to pay it all back.
“She hopes the court is understanding in why it’s been slow progress.”
Katie’s rep previously told us: “Katie continues to work closely with her trustees and creditors to resolve the terms of her bankruptcy.
“She remains committed to delivering a positive outcome for all involved “
Katie’s next bankruptcy hearing is in October and she has the option of attending in person or over video link – but must appear or face jail.
Despite bankruptcy looming over her, Katie has been busy planning her fourth wedding to fiance Carl Woods.
She has teased fans to “expect the unexpected” for the ceremony with plans “never been seen before”.
Not only have speeches been banned, the mum-of-five has barred celebrity guests from attending to ensure all eyes are on the bride and groom.
Her ex-husbands and the fathers of her children, Peter Andre and Kieran Hayler, have also been struck off the guest list.
