The party, to be called the Reform Party, marks the 82-year-old's final political comeback.

He had been barred from contesting in elections since 2001 when he was made a bankrupt for failing to pay some $600,000 in damages from defamation suits.

Early last year, the Court of Appeal granted him a 'conditional discharge' if he paid the $233,255.78 within three weeks of April 24. He did so on May 10.

The amount represented about 45 per cent of the debt, which his creditors agreed to accept.

The 10-member committee of the Reform Party is likely to feature some familiar faces from other opposition parties.

Former Worker's Party member Ng Teck Siong, 67, a long-time friend of Mr Jeyaretnam said: 'JBJ will be the secretary-general, Mr Teo Kian Chye will be the chairman and I will be the treasurer. That's the three I can tell you now. The other seven you will find out on Friday.'

They have called for a press conference on Friday to announce the submission of their application to register the party.