Celebrities going bust is not something new. In the past, we have seen several big names failing to repay their debt and the latest to join this long list is singer Katie Price. The model has been declared bankrupt by a London court after she failed to pay off thousands of pounds in debt despite warnings from her creditors. Price, earlier known by pseudonym Jordan, is a media personality, model, and author. 

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According to a report by The Mirror, Price now faces the risk of losing her mansion due to insolvency. She was declared bankrupt after she had blown her entire £45 million (Rs 413 crore or 57 million dollars) fortune over the last few years. The 41-year-old wasn't too bothered though and didn't even turn up in the court and instead sent her lawyer to fight the case.

JMW Solicitors, who represented the insolvency practitioner overseeing Price`s IVA, said: "She hasn`t acknowledged the petition." She had submitted a payment plan in the form of an Individual Voluntary Agreement (IVI) late last year to manage repayment of estimated £250,000 in debt. However, the model was unable to meet her creditors` demands and pay back £12,000 a month to her creditors in time.

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In September, a bankruptcy charge was laid on her West Sussex mansion.

In 2018, Price was given to time to negotiate during a hearing. The model was asked to negotiate a deal with taxmen over her finances and her proposal for an IVA was accepted on November 30, 2018, the report said.