Former Watford FC owner Laurence Bassini has been made bankrupt at the High Court this morning.
The Stanmore businessman did not contest a bankruptcy order made against him over an outstanding debt of £37,500.
The order comes after Mr Bassini lost a High Court battle in March with former Watford FC directors, Jimmy and Vince Russo, which left him with a £4.4 million bill.
Jimmy Russo was present at the court today and clashed with Mr Bassini as the parties headed into court.
An angry exchange erupted between Mr Bassini and Mr Russo before the pair were reprimanded by a member for the court staff for being noisy.
During the short hearing District Judge Clarke was told Mr Bassini had a statutory demand served on him relating to the outstanding sum in March.
The sum does not relate to the court battle with the Russos.
Mr Bassini said he was unable to pay the debt. When he then started asking the judge about the order, she replied: "I can't give you legal advice. But I can tell you in this building there is a Citizens' Advice Bureau, which can give you free legal advice."
Mr Bassini then told the judge he did not own any property. But he added he had a legal claim against someone else he did not name for £1 million and would be making another claim for £3.5 million.
District Judge Clarke said that the bankruptcy looked like "a simple case" and Mr Bassini could expect to be discharged from the order in a year.
This is at least the second time Mr Bassini has been declared bankrupt.
It emerged during his takeover of Watford FC he was declared bankrupt in 2007 following a hotel development project that went wrong.
It was following that bankruptcy when he changed his name from Bazini to Bassini.