Katie Price is preparing to face her second bankruptcy hearing today.
The troubled ex glamour model had been given 12 weeks to pay off her debts after reportedly being hit with a huge unpaid tax bill worth £22,000.
At a hearing in October, 40-year-old Katie was given time to arrange a deal with the taxman over her finances by a judge at an insolvency and companies court.
The case had been adjourned after a hearing in August to allow her team to come up with a suitable Individual Voluntary Agreement or IVA to pay back the money owed.
A spokeperson for Katie previously told the Mirror: "Katie is aware of the hearing and is working with her advisers to resolve her current financial issues.
“She hopes to be in a position to do so and reach agreement with her creditors.”
Katie will face a second bankruptcy hearing today
As well as reportedly being £100,000 in arrears on the mortgage of her £2million Sussex mansion, Katie is also said to have five county court judgements totalling more than £25,000 against her name.
The glamour model was once reported to be worth £45million.
Since her first hearing in August, Katie has attempted to raise cash by selling her horses and llamas. She’s apparently so desperate for money that she’s flogging the £77,000 Audi Spyder she bought estranged husband Kieran Hayler for his 30th birthday.
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Katie’s mansion has fallen into a sate of disrepair
Katie also admitted to staging lewd pap pics in Thailand with her toyboy Kris Boyson, and has shared several images showing the state of disrepair that her family home has fallen into.
“Katie is really bad with managing her money and lets things get out of control," a source said of the star, who is rumoured to spend £2,000 a month on heating alone.
Hinting at how she got into such a mess, Katie previously admitted she’s never handled her own financial affairs.
- Katie Price ‘demands thousands’ from Kieran Hayler and accuses him of ‘stealing’
She’s reportedly tried to sell her estranged husband Kieran’s sports car
(Image: Quest Red)
She once said her older brother Daniel, ‘makes sure all the taxes get paid,’ and insisted that despite the surgery and luxury holidays, she’s no a big spender.
"I spend but I have people around me who save for me. My brother and another guy look after my money. I don’t know what I’ve got," she told The Telegraph in 2011.
"At least I don’t know to the penny what I’ve got. I haven’t got no flash credit card or anything… I’m not really a big spender. My cars cost money and my horses cost money, but I don’t go and buy designer clothes every day of the week. I’d rather buy a nice horse than waste it on an outfit. I spend a lot on my kids, but myself? Not really."
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