Katie Price declared bankrupt at court in London

Former glamour model Katie Price has been declared bankrupt at a court in London today.

The 40-year-old, who was previously known as Jordan, was once said to be worth more than £40 million.

Ms Price, who has also appeared on reality TV programmes and talk shows such as Loose Women, had narrowly avoided bankruptcy in December last year, after agreeing a plan to pay back debts she owed.

However, at a hearing in London on Monday, a judge gave the go-ahead for her to be served with another bankruptcy petition, which she faced today.

Judge Jonathan Middleton, sitting at a specialist insolvency and companies court, said: "I do judge Ms Price to be bankrupt."

At a hearing in October last year, she was given time to negotiate a deal with the taxman over her finances.

Her proposal for an Individual Voluntary Agreement (IVA) was accepted on November 30.

An IVA is a formal agreement which lets people with debt repay their creditors at an affordable rate, in a bid to avoid bankruptcy.

The renewed bankruptcy proceedings were brought after she failed to meet the terms of the agreement.