BNP leader Nick Griffin has been declared bankrupt but insisted he will continue as member of the European Parliament for the North West and run for re-election in May.
A listing at the Insolvency Service showed Mr Griffin was declared bankrupt at Welshpool and Newtown County Court on Thursday.
Mr Griffin tweeted: “Being bankrupt does not prevent me being or standing as an MEP. It does free me from financial worries. A good day!
“Party funds are not affected in any way. Our campaign in May will be our most professional yet and I will be lead candidate in the North West.
“I am now turning the experience to the benefit of hard-up constituents by producing a booklet on dealing with debt.”
Mr Griffin will be automatically discharged from bankruptcy in one year, on January 2 2015, in accordance with the Insolvency Act.
Mr Griffin was elected for the North West region of England in 2009.