Katie Price has insisted that ‘no one can take away’ her mucky mansion amid her bankruptcy battle, after it was revealed that she owes the tax man £750,000.
The former glamour-model, 45, gave a talk at an event, shared on Instagram, where she discussed her money woes and how it has affected her.
Her last hearing, at the Rolls Building in London, heard that Katie owes HMRC a total of £761,194.05.
A property expert previously revealed to MailOnline that Katie could lose everything to pay back the cash, including her £2million home.
‘You’ve followed my life, my journey, I say it as it is,’ Katie told the audience in a video shared by The Sun. ‘Yes, I’m in a bankruptcy. But guess what? I own my house. No one could take it off me as well.’
Katie Price has insisted that ‘no one can take away’ her mucky mansion amid her bankruptcy battle, after it was revealed that she owes the tax man £750,000
She went on to say how the ordeal has impacted her mental health.
Katie said: ‘I had a breakdown. And I don’t know if any of you have had a breakdown or been depressed or anything. And you didn’t communicate with things … and then you don’t answer letters.
‘Then it gets in the red. This, that and the other, then you’re like, I can’t cope, I can’t cope and you hide away. That’s basically what happened to me.’
Katie added: ‘So then I had therapy. Got out of it, and I’m like, “Right, it’s not as bad as you think”. Just start communicating these people, start it all up, and then you get out of it. Yeah, you have to do payment plans and whatever. It doesn’t matter, Never be ashamed of it, I’m not ashamed of it.’
‘I think cos when you get there, then there’s another opportunity, you grow and you grow, in my eyes I haven’t made it. What I’ve gone through now I’m just at the beginning again and I’m gonna grow it again.’
Katie learned she had been made bankrupt while appearing on the Mail’s showbiz Straight To The Comments! Podcast.
When told the news, she replied: ‘Oh get lost… Are you actually serious, while I’m sat here? What have I done now?’
She added: ‘I know I had court, I think it was last week or the week before. Because of what’s going on in my life, I’ve actually been signed off because… I’m dealing with serious stuff.
‘There’s all different kinds of bankruptcy, I think they just use the word ‘bankruptcy’. No one actually knows the ins and outs of everything.
‘And trust me, I don’t get away with stuff either. Like, you can’t, like tax, you can’t ever run away from, you have to pay. Don’t think I sit and don’t pay stuff, because I do.’
It comes after Katie was warned she is set to lose everything apart from the ‘bare essentials’ and may even face criminal proceedings and jail time like Boris Becker. However, it is not suggested that, like Becker, she has tried to hide any of her assets.
If Katie was stripped of her assets she would lose her ‘mucky mansion’ and the hundreds of thousands she made on OnlyFans.
Katie was declared bankrupt for the second time last week, after failing to pay a tax bill of more than £750,000.
The former glamour-model, 45, gave a talk at an event, shared on Instagram, where she discussed her money woes and how it has affected her (Pictured)
A property expert previously revealed to MailOnline that Katie could lose everything to pay back the cash, including her £2million home (Pictured)
It would also mean that the earnings she’s made in the years since she was declared bankrupt the first first time around in 2019 will also be taken from her, as it’s thought she makes an estimated £2.2million a year from her OnlyFans account.
If Katie was stripped of her assets she would lose her ‘mucky mansion’ (Pictured) and the hundreds of thousands she made on OnlyFans
The mother of five, who didn’t appear in court to argue her case, owes £142,405 and £196,735 owed for the tax years 2020-2021 and 2021-2022, plus £140,000 in VAT.
The reality personality has also been charged with late penalties and interest on top of this and has racked up debts of more than £3.2million.
A bankruptcy expert told MailOnline it would take ‘exceptional circumstances’ for Katie to keep hold of her £2million home after failing to comply with the terms of both bankruptcies.
It would also mean that the earnings she’s made in the years since she was declared bankrupt the first first time around in 2019 will also be taken from her, as it’s thought she makes an estimated £2.2million a year from her OnlyFans account.
Katie will also have to cut back on her luxury holidays, after splashing out on a recent ski trip with her boyfriend and MAFS UK star JJ Slater.
Katie learned she had been made bankrupt while appearing on the Mail’s showbiz Straight To The Comments! Podcast
Straight To The Comments is released every Monday and sees hosts Josh Pieters and Archie Manners embracing the hilarity and uniqueness of the MailOnline comment section
The TV personality was visited by bailiffs before Christmas who appeared to take a fleet of cars to recoup a £250,000 debt she owes her ex-husband.
However she will no doubt be forced to hand over the cars she has left, which includes a Range Rover, to settle her debts.
Katie could also be looking at criminal proceedings similar to tennis ace Becker, who was declared bankrupt and found to be hiding assets worth £2.5million.
Our bankruptcy expert revealed: ‘She should lose all her assets above those necessary for reasonable domestic needs. Nobody has domestic needs to live in ‘mucky mansion’.
‘If someone is driving around in a Porsche then the Trustee should seize it and either give them a Nissan Micra or tell them to take the bus or tube.
A bankruptcy expert told MailOnline it would take ‘exceptional circumstances’ for Katie to keep hold of her £2million home (pictured) after failing to comply with the terms of both bankruptcies
Katie was declared bankrupt for the second time last week, after failing to pay a tax bill of more than £750,000
She will no doubt be forced to hand over the cars she has left, which includes a Range Rover, to settle her debts
‘She is entitled to work and keep her ‘tools of trade’ – so any of her expensive implants would be tricky to seize!
‘What is unusual is being made bankrupt a second time in reasonably short succession, that is, within five years. It does happen but most bankrupts avoid it.
‘They can take her rights to earnings developed since the first bankruptcy. If she published a book, that means the royalties, the OnlyFans income streams arising after the first bankruptcy if not already claimed by the first Trustee should by rights fall within a new Income Payments Arrangement.
‘Any new assets since the first bankruptcy will fall now into the second bankruptcy up to the date of the bankruptcy order.
‘As for criminal proceedings, it is possible in view of her status. You will recall what happened to Boris Becker. Jonathan Aitken lost his watch [a Rolex].
‘Most people with this wealth would get decent solicitors and keep themselves out of jail and argue the law with finesse. That is what arguably lawyers are for when protecting wealthy clients perhaps. She seems to have not done this from what I can gather.
‘She failed to comply with her Income Payments Agreement in the first bankruptcy and obviously has not properly cooperated. Not turning up to court hearings – or sending a lawyer/barrister to represent you – is non-cooperation.’
Remarkably, after the hearing, Katie posted a video of a pink Porsche GT3RS worth £194,000 onto her Instagram.
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