Faith's main creditor, Clydesdale Bank, put a petition for his bankruptcy before the High Court at the end of October. Although the amount of his debt is undisclosed, sources say Faith owes over £1m.

The former actor and singer's financial downfall came following the collapse of his television business the Money Channel with £32m of debt. Faith had secured many of his borrowings against the collapsed business.

Administrative receivers at PricewaterhouseCoopers sold Faith's business for an undisclosed sum to Digital Interactive Productions last year. Last week, Faith told newspapers he had 'devoted some seven years of my life' to the business, created in 1999, which led to his bankruptcy. He blamed the downfall on the dotcom bubble bursting.

Ironically, in his latest BBC sitcom, The House that Jack Built, Faith plays a east-end businessman who went from rags to riches.