Millen declared bankrupt after High Court hearing

    WORLD-FAMOUS fashion designer and Kent businesswoman Karen Millen was declared bankrupt at the High Court last week.

    The 55-year-old, who lives in Wateringbury, was reportedly unable to pay an outstanding £6million tax bill and now faces the loss of her £3million mansion.

    A former student of fashion design at Medway College of Art, now UCA, Miss Millen founded her eponymous brand in 1981 with an initial investment of only £100 but was soon enjoying considerable success.

    She sold the chain, which was still jointly run by then ex-husband Kevin Stanford, to the Icelandic corporation Baugur in 2004 for around £95million.

    However, the mother of three lost much of her fortune in 2008 when the Icelandic bank Kaupthing collapsed and has remained in a legal battle with the organisation ever since.

    She was also caught out in 2010 after her accountants had advised her to use a tax planning scheme, the validity of which was successfully challenged by HMRC in 2010.