Cheeky Victor admitted being bust (9)
I believe the answer is:
insolvent
'being bust' is the definition.
(I've seen this before)
'cheeky victor admitted' is the wordplay.
'cheeky' becomes 'insolent' (I've seen this in another clue).
'victor' becomes 'V' (phonetic alphabet: alpha, bravo, charlie etc.).
'admitted' means one lot of letters goes inside another (inserted letters get admitted).
'insolent' going around 'v' is 'INSOLVENT'.
(Other definitions for insolvent that I've seen before include "without the means to pay" , "on the rocks" , "gone to the wall" , "Unable to pay debts owed" , "Broke" .)