Tracy Edwards, 43, has been declared bankrupt. She was not present at a brief hearing at London’s Bankruptcy Court and was not represented. The bankruptcy petition for around £60,000 was brought by the dismissed former financial director of Edwards’s Quest company, Gregory Browne though her debts have been reported as being in excess of eight million pounds.

Australian Browne, 38, who was dismissed last year, said after the hearing: ‘It’s been a long fight from the whole bust-up of Quest. From that to this day has been a long hard slog so it’s nice that it’s hopefully over.’

Edwards received an MBE in 1990 after she skippered the first all-women crew to sail around the world. She gave up sailing following the birth of her daughter, Mackenna, now five, and is now a motivational speaker and race organiser.