Katie Price, who was said to have been worth more than £40m, and reportedly spent her cash on a lavish lifestyle is now in debt to many creditors, including HMRC.

However, she has narrowly avoided bankruptcy and has instead had an Individual Voluntary Arrangement (IVA) agreed by her creditors.

The terms of her IVA will let her pay back her creditors at an affordable rate, and if she keeps up the payment she will avoid bankruptcy.

For more information on bankruptcy, liquidation, administration and all the other insolvency procedures, or to take advantage of our free consultation, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvency professionals at our Driffield, Scunthorpe or York offices.