KATIE PRICE - where did all the money go - SUN 9pm - CH5

[Blondeshavemorefun]

She was the ultimate brand woman and earnt millions yet been bankrupt think twice

Obv has had countless surgeries - some free - many paid for via mags

This topical documentary explores the pitfalls of fame

Keep it fairly nice or mn will pull the thread

Thank you! Should be interesting. I will set my Freesat box to record this, and watch it the next day.

And yes, where DID all the money go? KP was minted at one time!

She says it went wrong after Peter

But tbh she was famous before him

I can't imagine being bankrupt once let alone twice

It all went wrong when her manager sacked her and she thought she could do it bigger and better than anyone else. She is also a selfish woman who put fame above her kids and family and thinks she should just spend her money on herself. Being 4 million in debt and no assets to your name is shocking. That she was allowed to continue to not bother paying her creditors and HMRC for a second bankruptcy shows what a shit system for bankruptcy the famous have. No one else would be allowed go spend still like she is and not pay a penny to the creditors we would have been jailed years ago. The fact she gets away with it shows something is wrong with the system.

Twice concurrently which is very rare in itself and rumours abound that a 3rd bankruptcy is incoming as she still isn't paying tax on her earnings despite earning 85k for 3 months work on tiktok earlier this year as well as numerous other appearance fees.

That's not how bankruptcy works @LuckysDadsHat.
The whole point is that it is a 'fresh start' so all debts to all creditors are wiped out. In fact, you are not allowed to pay any of your creditors unless you can pay them all (in which case you would not be bankrupt).
I agree that KP has played the system and has carried on regardless of probably knowing she is heading down the same path, but unless it can be proven that she committed a criminal offence, no-one is jailed for debts these days (technically I think you can still be jailed for council tax debt).

We would have been jailed for contempt of court had it been any normal person. She has laughed at the courts, not bothered to turn up as she is on holiday, and laughingly had a zoom hearing while she was in the Maldives on holiday, all while refusing to five the trustees any information on her spending.

I had a friend go through bankruptcy due to a failed business, it devastated her. She was given an allowance and could not spend any more than that. A basic bank account, no credit cards, no holidays etc........ and yet Katie Price seems to have had none of this, the court have eventually tried to do an attachment of earnings from some of the companies she works for, but it seems she just doesn't work for those companies anymore so she can carry on spending. This isn't a normal bankruptcy she is going through, she is being given far too much leniency that normal folk wouldn't have seen.

I don't know about KP as I don't follow her at all, so you may be right.
What I would say though is that BR does vary massively depending on which insolvency practitioner you get. I am coming out of BR this week (failed business also) and my experience is very different to your friend's. I have had a Monzo account from day 1 and have also got a couple of credit cards now which I use to improve my credit rating. I have a contract phone and have taken out a new contract for my daughter while in BR. My practitioner did not restrict how much we could spend at all and even allowed us to keep some money back as an emergency fund. Because we both found jobs quickly, there have been no restrictions on holidays etc and we have been able to spend our money how we wish.
I have read some of the horror stories on MSE and I know that we have been very lucky. Our IP also handled the liquidation of our company and we were very unlucky with a backer dropping out at the last minute so had to fold, and I think she must have felt sorry for us!

I’d imagine she got rich and famous by having a very clever manager. Once she parted ways with her, it all fell apart.

That and excessive spending, not paying tax (leading to fines and more fines) and perhaps her divorces? I’d imagine she had to make settlements to her ex-husbands?

So once she split with pete and left claire her manager then it unravelled

And also the amount of money she has had to pay for court compensation. She had to pay Claire thousands after she was sued for slander. And was meant to pay Alex Reid tens of thousands in compensation for revenge porn, but then went bankrupt so he is one of the creditors as well.

I believe some of her ex husbands have completely fleeced her. They obviously saw her as a get rich quick scheme.

I also believe she has mental health problems that have been building for years. I mean, to not understand the seriousness of not turning up to court (on more than one occasion) is just bizarre.

Major MH issues

But equally if it was Joe Public who got done for drink driving several times and no insurance etx

They would be likely to be in jail

Some newspaper article ( can't remember which one , about a month ago ) listed a monthly bill for various treatments she has , hairdresser , manicure / pedicure , make up , massages, plus others came easily to a few grand .

Do that monthly plus everything else and you can easily rack up more than you make.

Well there wasn't anything in that programme that we didn't already know so not quite sure what the point of it was 🤷🏻‍♀️

@PrincessScarlett agree! The only thing it left me wondering was what happened to Alex Reid...he's still out there, has a partner and a couple of kids.

Why does she have to pay a percentage of her OF earnings to creditors if she was declared bankrupt? I never understood that one.

He had been turning up to every bankruptcy hearing. He is trying to get the money but she keeps failing to turn up or refuses to give evidence in public.

So she can start to pay her creditors back! She is earning quite a bit of money still and hasn't paid a penny to any creditors.

No, as I have already said, bankruptcy is a 'line in the sand' and creditors receive nothing back from the bankrupt. That's the point of bankruptcy. You can't start to pay creditors back because (a) the debt is wiped out at the point of bankruptcy and (b) you can't single out certain creditors over the others.
KP should certainly try to pay off any debts that she has run up SINCE her bankruptcy, but the ones that were included in the BR proceedings do not exist anymore.
So her ex is not entitled to anything back if he was a creditor of her original bankruptcy. If he is in court trying to prevent her declaring bankruptcy again, fair dos, as this would mean his debt was written off, but if he is trying to get some money back after her original bankruptcy, he's wasting his time.
It's harsh, but that's the law and a fresh start is the whole point of bankruptcy, rightly or wrongly.

Does she maybe have an IVA? You have to pay creditors something back then, albeit a very small percentage.

Her bankruptcy has never been discharged. She was asked to pay a lump sum of 25k and 12k a month for a year. This was back in 2019. She has never paid this so her bankruptcy has never been concluded. It has dragged on for 5 years as she refuses to pay, refuses to attend and gets adjournments when she does attend. So the circus continues..... if she had paid for the 12 months her year would have been up and she would have been discharged.

Now you have the situation of a 2nd bankruptcy running concurrently to the open 1st bankruptcy and that is why they are trying to get money out of her. She has the money, she earnt 85k in 3 months from TikTok this year, so the court are now taking a percentage of some of her earnings to try and get some payment.

Your bankruptcy has been very different as you had literally no money. She does still have money, is still earning large amounts and for 5 years has refused to pay a penny. I have an interest in this professionally so I have followed the case of the bankruptcy and the path it is taking.

I think this is why it's advisable to get a good manager. As with footballers, glamour models have a very limited shelf life. A good manager will advise them to invest during the very short, very lucrative period when they are at the top of their game. Within a few years, top models are replaced by someone younger and prettier, footballers by younger, fitter, more talented players. If they haven't invested their money well and planned for the future, they fall over a financial cliff edge. KP didn't plan, she has no discernable talent for an alternative career. She's too old for glamour modelling now, it's a downward slippery slope.

Do these Bankruptcies and large debt problems impact on her parenting. Do her children live with her? Is that why she gets away with so much?

None of the children live with her. She pretends they do, but none of them do. Harvey is in residential care. The next 2 oldest were removed from her custody quite a few years ago, and the youngest 2 were removed by social services earlier this year.

Forgive me for sounding slightly dim here, but surely at some point this woman should be facing the full force of the law. How on earth can it be that no matter what she does she seems to face absolutely no consequences. How on earth is she getting away with all of this