He was the public-school-educated nerd who guided millions of armchair punters on where to place their bets. But it emerged yesterday that Angus Loughran, known to the nation as “Statto” for his encyclopaedic grasp of sporting facts and figures, was not quite as good with money as his public image might suggest.

The Insolvency Service confirmed that Mr Loughran, the BBC betting expert, was unable to pay his creditors and had been declared insolvent at a hearing in Manchester County Court earlier this month.

Details of how much he owes and to whom are not known but the announcement will surprise the hordes of punters who thought their fivers safe with a man who knew every sporting statistic in the book, from football to horse racing and golf to tennis.

The trademark wide-eyed stare from behind owlish glasses, which gave the impression of the class swot, first came to the attention of the public on Fantasy Football League, the popular television show hosted by David Baddiel and Frank Skinner.

He was often lampooned for his knowledge, which he played up to with a television delivery in geeky monotone. Away from the show Mr Loughran was using his modicum of fame to build up a business as a sports consultant that was backed by his public appearances.

Mr Loughran, who was educated at Ampleforth College near York, became a familiar figure at events such as Wimbledon and the Open Championship. He was also a commentator for the Eurosport sports channel and had a betting column in The Daily Telegraph, as well as giving betting tips for the BBC. His slightly crumpled figure was instantly recognisable and fans were quick to shout out “Statto” when he made his way around some of the most famous events in Britain.

Mr Loughran, who supports Manchester United, claimed a brief moment of fame even before a television career beckoned. He was caught on camera at a Test match at the Oval when he cheekily ran on to the pitch with a chair for Chris Tavaré, the implication being that the slow-scoring batsman was too tired to wield his bat. It was a flash of inspirational humour that not only cheered up the crowd there but also shined later on the Skinner and Baddiel show.

A spokeswoman for Jane Morgan Management, Mr Loughran’s agent, had no comment. However, Mr Loughran, who is thought to be 41, is understood to have said that the order involves council tax arrears.

Bankruptcy is a legal means of freeing a person from overwhelming debts and to make sure that their assets are shared out fairly among those who are owed money. A firm or person who is owed money can file a petition for a bankruptcy order to be made against the debtor if at least £750 is owed in unsecured debts. The official receiver will take over the legal control of the assets to pay creditors.

As a bankrupt, Mr Loughran will not be able to obtain credit for more than £500 or open a bank account unless he discloses the bankruptcy order, which runs out on February 4 next year. He cannot act as a company director or take part in the management of any registered company without the permission of a judge.

Debt collection

— The word bankruptcy is formed from the Latin bancus, meaning bench, and ruptus, meaning broken. A bank originally referred to the bench on which the first bankers traded. When a banker failed, he broke his bench to show that he was not in business

— The Hebrew law of debt forgiveness, in Deuteronomy XIV, 1–2, says that all debts should be released every seven years

— Philip II of Spain had to declare four state bankruptcies in 1557, 1560, 1575 and 1596. Spain was the first sovereign nation to declare bankruptcy

— In ancient Greece if a man owed money and could not pay, his family were forced into slavery for his creditor

— According to al-Maqrizi, an Egyptian historian, Genghis Khan mandated the death penalty for anyone who became bankrupt three times

— In France more than 40,000 insolvency proceedings were opened in 2004. Fewer than 600 were opened in Spain

— Bankruptcy was introduced in Britain under the Bankruptcy Act 1571. Traders could discharge their debts by an equitable and independent distribution of assets. All other debtors were insolvent debtors and could be jailed. Many lied about their work to qualify as traders and escape debtors’ prison

— John, the father of Charles Dickens, was sent to Marshalsea prison for failing to pay his debts. Dickens described Marshalsea in Little Dorrit

Source: Times database

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