I thought the Guardians editorial comment on this matter particularly good;
http://www.theguardian.com/commentisfree/2014/jan/03/bnp-bankrupt-leader-nick-griffin
especially this comment from the article;
" Characteristically, Mr Griffin was blustering on Friday about being re-elected to the European parliament in May. But recent BNP electoral performances suggest he will have a hard job. Let's hope so. Mr Griffin is the bankrupt leader of a bankrupt movement, while the BNP is a political spittoon."
And actually it seems the law is the same for both MPs and MEPs. Under current laws, an undischarged bankrupt is prevented for standing for either position, regardless of what the BNPs spokesperson says. I doubt he will have been able to complete the process of bankruptcy in time for the May 2014 Euro elections.