The former “Celebrity SAS: Who Dares Wins” candidate apologized to a court for not dealing with her bankruptcy problems, saying she was not “in the right frame of mind to understand the process.
Katie Price dialed into her bankruptcy hearing from her vacation in the Maldives.
The former glamour model is currently on vacation in South Asia
The former glamour model was declared bankrupt on November 26, 2019, and is now facing further proceedings over her finances.
After having difficulty paying her debts, Katie was declared bankrupt last year. At the time, JMW Solicitors, representing the insolvency administrator who oversaw Price’s IVA, said: “She did not approve the application.
The mother of five talked about her psychological problems and said she now felt that “progress was being made”.
The 42-year-old read a statement in which she said that it was important to take time to write things down and that this was part of her therapy and the “process of dealing with my mental condition on the road to recovery.
She appeared on Skype from the Maldives, where she is currently on vacation, on Tuesday for a hearing at a bankruptcy and corporate special court in London.
At the hearing on Tuesday, she told the court: “It’s a long and tense process, but I feel that progress is now being made.
At an earlier hearing in July, she said she had “lost everything” and suffered a “terrible collapse” last year, after which she spent five weeks in the priory.
“I can only apologize, I just wasn’t able to deal with these issues or in the right frame of mind to understand everything that was going on.
The former I am a celebrity… Get Me Out of Here star said that creditors and officials may think that her involvement with them was “too little too late” but that the “progress was real” and that she had now provided financial information.
Katie Price, formerly known as Jordan, is said to have once been worth more than £40 million.
At a hearing in October 2018, she was given time to negotiate an agreement with the tax official on her finances, and her proposal for an individual voluntary agreement (IVA) – a formal agreement that allows people to repay debt at an affordable rate to avoid bankruptcy – was accepted.
She told the court: “In the past, at the peak of my career, I was a role model and a massive taxpayer”.
Janet Hallamore, who is acting as bankruptcy trustee, told the judge on Tuesday that there are currently three problems to be resolved, concerning Mrs. Price’s “income and expenses”, the financing of the last holidays and the “theft of jewelry”.
However, the new bankruptcy proceedings were initiated last year after she failed to meet the terms of the agreement.