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 don’t know the ins and outs and I don’t know exactly what’s going on, but if this is what I think it is, it’s not that important.
“I’m 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.
He failed to fulfil expectations at the Bernabeu as he made just 46 appearances in a five-year spell, which included loan stints with Hercules and Everton.
Drenthe also played for Reading and Sheffield United in the Championship, before announcing his retirement after a brief spell with Baniyas in Abu Dhabi in 2016.
He has tried his hand at rapping and acting and returned to football with Sparta Rotterdam two years later.
Drenthe has appeared to be distracted with off-field issues throughout his career and once had a big fallout with then Everton boss David Moyes after turning up late to a team meeting before a crucial FA Cup semi-final clash with Liverpool in 2012.
Recounting the incident, he said: “I was waiting outside the room, whereas I probably should have just walked in quietly and taken a seat.
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“When I went in afterwards, Moyes told me to f*** off. I should have accepted it, but I said, ‘What do you mean, f*** off, bro? You f*** off’.
“And then I left for Holland and didn’t come back. If I’d adapted more to Moyes I think I’d have reaped the benefits, as initially I did play a lot under him.”
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