SHAMED businessman Reuben Singh has been declared bankrupt with debts estimated at more than £11m.

The self-styled tycoon – once labelled the world’s youngest self-made millionaire and signed up as a government adviser – had failed to pay back a £900,000 loan to the Bank of Scotland.

The bankruptcy order was granted at Manchester County Court two years after Singh was unmasked by the M.E.N. as a serial fantasist.

Singh, 31, branded a liar by a judge, said he had offered to repay the loan over two years, but the bank refused.

Sources close to the bank confirmed his offer but said it was unclear where the money would come from to pay it.

Singh gained fame as a schoolboy after forming the fashion chain Miss Attitude while still a pupil at Manchester’s William Hulme’s Grammar School.

He was named the world’s youngest self-made millionaire by the Guinness Book of Records with a fortune estimated at £27.5m.

He was also named as a `business hero’ by the Treasury and the British Chambers of Commerce alongside Sir Richard Branson and Sir Alan Sugar and met Tony Blair. But it was later revealed he had sold Miss Attitude for just £1, and he was dropped from rich lists.

The bankruptcy is being administered by the Official Receiver and means Singh’s assets are frozen, he cannot obtain credit or be a director of a limited company.

Experts at the Manchester office of accountancy firm PKF have been appointed to see if any assets can be recovered.

After selling Miss Attidude, Singh ran an online secretarial company in Salford, AlldayPA, and secured the bank overdraft for £900,000 for which he provided a personal guarantee.

However, the company went bust and the bank called in the loan, leading to a court order to settle the debt, which had grown to £1.56m.

The court heard Singh used newspaper cuttings proclaiming his multi-millionaire status and entrepreneurial prowess to secure the overdraft facility.

Referring to the former bank employee who had agreed the overdraft, the judge said he . . . `was, I think, to some extent a victim of Mr Singh’s personality as well as Mr Singh’s lies.’

When asked at the time about his ability to pay the bank, he said: “Bankruptcy is not an option for me. The resources are available to me but I don’t believe the bank rightfully deserve it.”

In 2005, Singh tried to secure an individual voluntary arrangement (IVA) – an alternative to bankruptcy which involves repaying creditors a fixed proportion of their debts.

A statement of his financial affairs detailed debts of £11.8m, including £9m to a Kuwaiti trading company, tens of thousands of pounds in credit card bills and loans, and £700,000 to his father.

The IVA was approved by creditors but the bank successfully challenged the decision.

In a statement issued through his lawyer Howard Young, of Bolton firm CMG Law, Mr Singh said: “I am at a loss to understand why Bank of Scotland did not settle and why it more than doubled its debt with legal costs. I can only surmise that there is a personal vendetta against me.

“The current situation brings to a conclusion a three and a half year process where Bank of Scotland have pursued me in relation to a personal guarantee. During this period, I have offered to repay the whole sum owed over a two-year period. The bank refused to accept that proposal. Subsequently, in court, the bank said that it would accept no proposals from me at whatever level those were offered.

“On the day of the most recent hearing, I offered several hundred thousand pounds to the bank’s representatives to settle. My offer was rejected with no reason for the rejection being put forward.

“I will continue to co-operate with the Official Receiver.”