Calum Best is the latest celeb to file for bankruptcy after blowing a fortune on partying.
Calum - the son of football legend George Best - admits he had 'made mistakes' with his cash, which left him unable to pay a tax bill.
"I can confirm I have made the decision to declare myself bankrupt as a result of being unable to make tax repayments.
“I feel as though this decision is the most constructive option.”
According to his management team, the former party animal is now looking forward to changing his ways.
A spokeswoman said: “Calum has made the decision to declare himself bankrupt.
“What it does do, however, is mark the beginning of a new chapter in his life. A clean slate and the chance to pursue some exciting new projects.”
Calum is the latest celeb to go public about their financial woes.
Kerry Katona owed about £1m upon declaring herself bankrupt and Westlife's Shane Filan also filed for bankruptcy just days before the hugely successful Irish group played their farewell show last summer after suffering losses as a result of the property crash.