Katie Price, worth £40 million, declared bankrupt?

Renowned British actress and former model Katie Price was declared bankrupt by the High Court after she failed to pay her debts.

It is said that the reality TV star had a net worth of a whopping £40 million.

Last year, Price, 41, came to an arrangement with her creditors for a repayment plan known as an Individual Voluntary Arrangement (IVA).

However, she had failed to keep up to the terms of the agreement, the insolvency practitioner said.

Price rose to fame in the 1990s after she debuted as a glamour model under the pseudonym Jordan.

As Jordan, Price was popular for a major surgery she underwent, standing as an MP, and publishing books on fashion.

Price was crowned the winner of Celebrity Big Brother in 2015, and she has been praised for her work as an anti-bullying campaigner, which began when her son Harvey was targeted for his disabilities.

However, the star went into a financial crisis after tackling substance abuse as a problem, after being convicted of drunk driving twice.

In the summer, she admitted shouting a "tirade of abuse" at her ex-husband's new partner in a school playground and was fined £415. It was only last month that she was found endorsing dietary products on Instagram banned by the Advertising Standards Authority.