Banked by the father-in-law company I love Lips

Mohammed Hadid, who is the father of Supermodel Sisters Gigi and Bella Hadid, has demanded bankruptcy on behalf of his company after being charged with illegally building a mega-residence that was bigger than the city's rules allowed.

Hadid's company, 901 Strada LLC, was presented for reshuffle at the federal bankruptcy court on Wednesday, a day before Thanksgiving. The 71-year-old Patriarch Hadid declared that the company is $10.50m in debt due to the construction of its 30,000 square metre Bel-Air residence, which he reportedly started in 2011, according to court documents obtained by the Daily Mail and TMZ.

In the bankruptcy census, the company reportedly owes over $386,000 to a design and management company. In addition, he claimed his company is over 200,000 dollars in debt to a construction materials company and owes over $39,000 to a waste company, as well as over 35,000 dollars for workers.

Hadid also reportedly his residence requires immediate attention with the need to provide physical or weather protection, according to the TMZ, which also reported that local taxpayers would have to pay the residence's expenses if Hadid did not pay the 5m dollars valued to destroy it.