LONDON-Katie Price has avoided bankruptcy after reaching an agreement with her creditors.

The TV personality, 40, appeared at the High Court after reportedly blowing all of her estimated £45m fortune.

Formerly known as glamour model Jordan, she is believed to have a number of creditors, many of whom arise from the upkeep of her West Sussex home, which is in a state of disrepair.

The court was told she has agreed a plan to pay back what she owes.

The petition to make her bankrupt was dismissed by the court.

Price was given time to negotiate a deal with tax officials in October.

At the time, lawyers for HMRC told judge Jonathan Middleton they had been informed of a proposal by Ms Price for an Individual Voluntary Agreement.

The IVA lets people with debt repay their creditors at an affordable rate, to avoid bankruptcy.