Bankrupt con man Micheal (also Michael) Peter Nugent says it is ''business as usual'', claiming he has repaid almost $300,000 in outstanding legal fees owed to the corporate regulator.

Mr Nugent, who has previously been found guilty of deceptive and misleading conduct over a fake magnetic engine, has claimed his bankruptcy will soon be overturned.

''I confirm that the court costs fees have been paid to the ASIC in full,'' Mr Nugent said.

''I am not managing any of the Australian companies - which, quite frankly, suits us fine, as I am currently finalising the latest engine construction.''

A spokesman for the Australian Securities and Investments Commission said it was aware of Mr Nugent's claims and was making inquiries to substantiate them.

The spokesman said ASIC wanted to remind the public that ''Mr Nugent remains an undischarged bankrupt, and therefore, is disqualified from managing companies in Australia''.

Mr Nugent, a former diesel fitter from Adelaide, was bankrupted earlier this month for the second time in his career.

A creditors' petition was filed in February against him and the Federal Court in Brisbane has ordered Mr Nugent be made bankrupt after he failed to pay $295,000 in legal fees which stemmed from a 2009 legal action by ASIC against him and his company Cycclone Magnetic Engines Inc.

Cycclone and Mr Nugent, who was chairman, were found to have engaged in misleading and deceptive conduct regarding the magnetic engine he had been spruiking.

The court also ruled that the engine ''could not work''.

Until this month Mr Nugent was a director of 10 companies.