According to Plato by Frank Frankfort Moore

No one who has not been bankrupt at least twice could afford to be so careful about his dress as Mr. Richmond is,” said Josephine.
“He admits a solitary bankruptcy,” said Amber. “Bankruptcy is the official recognition of genius.”
“It certainly is the shortest way to distinction,” said Josephine. “Bankruptcy’s a sort of English Legion of Honour, isn’t it?—a kind of bourgeois decoration.” -an excerpt