Katie Price is reported to have narrowly missed out on having to pay a £174,000 tax bill to HMRC following her cosmetics company going bankrupt.
Despite having several successful business ventures to her name including her KP equestrian clothing line and her newly launched OnlyFans account, it’s been Katie’s make-up company that has failed to get off the ground out of them all.
The 43 year old’s cosmetic business Jordan Trading Limited went bust in 2017 owing hundreds of thousands of pounds to creditors and caused the former glamour model to put the company into voluntary liquidation.
Moorfields Liquidators came in to handle the matter and attempt to repay creditors who still haven’t been paid following the collapse of Katie’s business five years ago.
The Sun has reported that the Moorfields company has stated that the entrepreneur owes over £369,000, breaking down the total amount to be £192,376 owed to HMRC, £152,478 to the director’s loan account and £25,746 to “trade and expense creditors”.
The insolvency firm also suspected that unsecured creditors will receive “approximately 8.19p in the £ will be made to the unsecured creditors’.
This means that HMRC could receive a discounted sum of £15,755 from Katie — £176,621 less than the original amount owed to the company.
Trade and expense creditors may only receive approximately £2,1000 of the initial amount owed to them reducing Katie’s debt again, meanwhile Moorfields are claiming £56,553 for themselves for their settling of the situation.
The Sun has said that the company agreed upon this fee as the liquidation has taken longer than the 18 months it was expected to take at the beginning of the process.
These reports on Katie avoiding to pay her full tax bill come after the media personality escaped prison time for bankruptcy after striking a deal to pay her fees back.
The OnlyFans star spoke exclusively to OK! about her bankruptcy in April last year as she said that it was the “best thing” to happen to her.
“My bankruptcy is the best thing that’s ever happened to me because anyone who has ever been in my life before has tried to take from me, financially mostly,” Katie said
‘Now they can’t, as I’m in a bankruptcy. I love it. I want to stay in bankruptcy as long as I can. It’s only supposed to be a year and I’m like, “No!' The longer I can keep it up, the better for me”.
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