News Article - 27 August 2008
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Kerry Katona's recent bankruptcy should act as a warning to other celebrities to employ careful planning when it comes to financial management, an accountancy firm has claimed.

MGR Media, whose clients include Stephen Fry and Emma Thompson, said people in the public eye should enlist the help of specialist firms to carry out a health check of their finances, Accountancy Magazine reports.

Chris McGowan, MGR's head of tax, said: "There is clearly no need for someone with the earning potential of Kerry Katona to find herself in the bankruptcy court."

He added an experienced accountant or tax advisor would have helped her to control costs.

This comes after Katona was declared bankrupt after failing to pay the final £82,000 of a £417,000 tax bill.

The celebrity originally came to fame as part of the girl group Atomic Kitten.

She married Bryan McFadden from Irish boy band Westlife in 2002 but the couple, who have two children, split in 2004.

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