Bankruptcy Impact: Katie Price Faces 40% Reduction in OnlyFans Earnings
Former model Katie Price has been ordered by the High Court to allocate 40% of her monthly income from adult entertainment site OnlyFans to settle outstanding debts. Price, who declared bankruptcy in November 2019, had previously agreed to a voluntary arrangement regarding her debts, which included making monthly payments and a lump sum. However, she failed to meet these obligations, prompting the court to intervene. Four companies, including OnlyFans, are now required to direct 40% of her earnings toward repayment for the next three years.
During the hearing, barrister Darragh Connell, representing trustees, revealed that the initial agreement mandated 36 monthly payments of £12,500 along with a lump sum, all of which Price failed to fulfill. The court identified four income-providing entities, with OnlyFans and celebrity news agency Backgrid among them.
Judge Catherine Burton of the Insolvency and Companies Court emphasized that the four companies are obligated to deduct 40% of Price’s income, channeling it to a specified bank account chosen by the trustees. OnlyFans, represented by its parent company Fenix International Ltd, did not contest the order.
This development follows Price’s bankruptcy declaration in 2019 and reflects the ongoing financial challenges she faces. Her OnlyFans page, where she is described as the “queen of glamour,” charges users $14.99 (£12) per month for exclusive content.
The court has scheduled a further inquiry into Price’s financial situation in April. This ruling comes after Price expressed frustration in October 2023, stating that she was tired of legal threats and would be willing to go to prison to resolve the matter. In a podcast interview with Michelle Visage, Price discussed her bankruptcy, acknowledging the numerous court appearances and expressing indifference to the prospect of imprisonment.
In March 2023, Price appeared on Jeremy Vine’s Channel 5 show, encouraging individuals not to be ashamed of bankruptcy while acknowledging her own mental health struggles. The legal proceedings have garnered attention, with a previous hearing in September conducted privately due to Price’s anxiety over online observers recording and taking screenshots of the proceedings. The current court decision adds another chapter to the complex financial saga of Katie Price.
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