Katie Price deflects a £ 174,000 tax as a cosmetics company goes bankrupt

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Former glamor model Katie Price looks set to avoid a big chunk of her tax bill after her cosmetics company goes bankrupt (Photo: Getty Images)

Katie Price is set to avoid paying a £ 174,000 tax to HMRC after her cosmetics company goes bankrupt.

The 43-year-old former glamor model has a number of side businesses and projects, including most recently the KP Equestrian clothing range and recently launched an OnlyFans account.

However, not all of her projects go to plan and in 2017 her cosmetics company, Jordan Trading Limited, went bankrupt while owed hundreds of thousands of pounds.

At the time, Katie put the company into voluntary liquidation, with the Moorfields liquidators involved to resolve the matter.

Katie, who was once worth £ 40 million, was filed for bankruptcy in November 2019.

Moorfields’ role was to try to repay creditors it owed money to from Jordan Trading Limited when it collapsed five years ago, with the company now reporting that model Katie owes more than £ 369,000.

Katie Price launches the range of nutritional products

Katie started a range of businesses from cosmetics to nutrition and clothing ranges and was filed for bankruptcy in 2019 (Photo: Getty Images)

Moorfields ‘latest statement to Companies House shows that Katie owes £ 192,376 to HMRC, £ 25,746 to “business and expense creditors” and £ 152,478 to the directors’ loan account.

However, the settlement company expects “that a distribution of approximately £ 8.19p to unsecured creditors will be made”.

As reported by The Sun, this means that HMRC is likely to receive only £ 15,755 of the £ 192,000 owed.

Katie Price promotes her range of KP Equestrian and KP Baby clothing at the Lakeside Shopping Center in Grays, Essex.  PRESS ASSOCIATION Photo.  Image date: Saturday, January 8, 2011. Photo credit should be: Ian West / PA Wire

The model’s KP Equestrian range is separated from Jordan Trading Limited, which went bankrupt in 2017 (Photo: PA)

Business and expense creditors will receive just over £ 2,100 of the full amount owed and Moorfields itself is claiming £ 56,553.

Their fee is more than double that originally estimated in 2017, however they say it’s because the liquidation took much longer than expected, having initially believed the process would take 18 months.

In addition to avoiding the hefty tax burden, Katie recently managed to avoid jail over her bankruptcy as she attempts to pay off the £ 3.2 million debt she owes creditors.

In February, the mother-of-five appeared in court, where she managed to reach a “last minute” settlement with the court that she would pay a “small fee” now to reduce her debt, as well as a new recovery plan. payment .

Katie had reportedly agreed to pay creditors £ 12,000 a month but could not keep up with the payments.

In April 2021, the former glamor model claimed that failure was the “best thing” that had happened to her.

Katie Price at Crawley Magistrates' Court

Mom-of-five has appeared in court in recent months for hearings regarding her bankruptcy and drink-driving charges (Photo: GC Images)

He explained: ‘Because everyone who has ever been in my life before has tried to get me, mainly financially.

“Now they can’t, because I’m bankrupt. I love it.’

The My Crazy Life star also narrowly avoided going to jail in December following a drunk driving accident. Katie received a 16-week suspended sentence instead.

Metro.co.uk has reached out to Katie’s representatives for comment.

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