Former glamour model Katie Price has been declared bankrupt for the second time, facing a substantial debt of over £750,000 in unpaid taxes.
Despite court proceedings and multiple warnings from HMRC, Price failed to appear at a recent hearing in London, leading to the bankruptcy ruling.
Failure to Pay Tax Debts: Court Rules in HMRC’s Favor
The High Court judge ruled in favor of HMRC after Price failed to provide any explanation or payment towards the outstanding tax debt.
The debt comprises unpaid taxes from self-assessment earnings spanning from 2020 to 2022, alongside penalties and surcharges, totaling £761,994.05.
Recurring Financial Troubles: A History of Bankruptcy
This marks the second bankruptcy for Price, following her initial bankruptcy declaration in 2019 due to the collapse of her company, Jordan Trading Ltd.
Despite repeated court appearances and warnings, Price has consistently failed to address her financial obligations, exacerbating her financial woes.
Risk of Asset Seizure: Potential Loss of £2 Million Mansion
With significant debts owed to HMRC and other creditors, Price faces the possibility of losing her £2 million mansion, famously known as the ‘Mucky Mansion,’ due to its state of disrepair.
If the outstanding debts remain unpaid, HMRC has the authority to seize assets to recover the owed amounts.
Continued Legal Issues: Additional Fine for Motoring Offense
In addition to her financial troubles, Price recently faced legal repercussions for a motoring offense, resulting in a fine of £880 and eight penalty points on her license.
This adds to her existing penalty points, bringing her total to 11, along with additional costs totaling £972.
Efforts to Recover Debts: HMRC’s Pursuit of Unpaid Taxes
HMRC has affirmed its commitment to recovering the outstanding tax debts, indicating that all efforts will be made to secure payment.
Failure to comply with repayment could result in further legal actions and asset seizures to satisfy the outstanding debts.
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