KP has swerved bankruptcy AGAIN
It’s no news to anyone that Katie Price has been suffering from a few finance problems lately.
Back in August, the former glamour model was given just 12 weeks to come up with a plan – known as an Individual Voluntary Agreement (IVA) – to pay off the money she owes.
But after appearing in court today, KP has been handed a life line as she was granted another five weeks to settle the unpaid tax bill of £22,000 and will appear back in court on 4th December.
If HMRC accept her plan then she won’t be declared bankrupt but if not, the 40-year-old could be made insolvent and could even lose her £2million Sussex mansion.
A source told The Sun: ‘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.’
Pricey – who was once worth £45 million back in her heyday – reportedly bought her family home for £1.3 million in 2014, and it’s now worth an estimated £1.6 million.
While her eldest son, Harvey, 16, is said to still be living in the mansion, Junior, 13, and Princess, 11, are staying with their dad Peter Andre.
Katie’s youngest kids Jett, five, and Bunny, four, are also thought to be living with their dad Kieran Hayler following their split earlier this year.
Meanwhile, this comes after is was reported that KP is ‘in talks’ with bosses for the hit MTV series Ex On The Beach, which could help her financial struggles.
With the news that Pricey is newly single and has a string of exes as long as her arm, a source told The Sun: ‘Katie is perfect for Ex On The Beach, she’s fiery, flirty and she’s got more ex boyfriends than you could shake a stick at.
‘She’s a signing they’ve been trying to get for a while and now she’s single again, bosses are hoping she could come on board.’