Royston Drenthe has been declared bankrupt at the age of 33 after losing 3.2million.
The former Real Madrid and Everton flop is currently playing for Dutch third tier club Kozakken Boys.
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Dutch outlet AD report Drenthe was slapped with a bankruptcy order in a court in Breda.
He said: I dont know the ins and outs and I dont know exactly whats going on, but if this is what I think it is, its not that important.
Im always under a magnifying glass, but it will be resolved as it should.
It is a fall from grace for the ex-Netherlands international winger, who joined Real Madrid from Feyenoord in 2007 as one of the brightest talents in world football.