Liverpool full-back John Arne Riise has been declared bankrupt by the courts for an unpaid debt of around £100,000.
Riise, understood to earn around £50,000 a week, was declared bankrupt at Liverpool County Court on Tuesday.
The 27-year-old is listed as a bankrupt on the British government's Insolvency Service website at www.insolvency.gov.uk.
Legally, a bankrupt is a person who has debts they cannot pay.
It names Riise, gives his address, but fails to list his occupation, giving the status 'Currently Bankrupt'.
Riise is involved in a legal battle with his former agent, Einar Baardsen, over how his fortune has been invested. Baardsen stopped representing the player in 2005.
The case is reported to be linked to an alleged £3million fraud investigation currently going through the courts in Riise's native Norway.
It is understood Riise may be liable for debts incurred from failed business enterprises, including a hotel.
Sources say the player may not even have been aware he was being taken to court at the time - as he was away on international duty with Norway.
It is understood the bankruptcy order was made after a debt of around £100,000 was not paid. The debt was liable to be paid by him out of the legal dispute in Norway.
The player's solicitors are understood to be preparing to go back to the court as early as Monday to have the bankruptcy order annulled.
A source close to the player said: 'There was a bankruptcy order issued at Liverpool County Court but it is an oversight that the issue even came to court and the matter is now in the hands of his solicitors treating it as a matter of urgency.
'They are confident the issue can be resolved in the near future.'
Struan Marshall, the player's agent, was not available for comment.
Riise left Monaco to join Liverpool for £4million in the summer of 2001. He signed a new contract last January that keeps him at the club until 2009.
A spokesman for Liverpool said: 'We are unable to comment as this is a private matter.'
Being declared bankrupt means an official receiver, a government appointed official, can assume legal control of an individual's assets.
A bankrupt cannot obtain credit of more than £250 or open a new bank account.