A Senate vacancy is set to be formally notified within days following the Federal Court's declaration last month that Senator Rod Culleton is an undischarged bankrupt.

The President of the Senate is awaiting formal paperwork from the Federal Court before notifying the WA Governor.

But Senator Culleton said he was still planning an appeal.

"Being a farmer, you know, all farmers take risks every year and until we get the final yield results, I'll know then but certainly still in the game at this stage," he told ABC Radio Perth.

"I'm not a bankrupt and the media keep putting out that I am a bankrupt, you cannot be bankrupt if you are solvent and I am not insolvent."

Senator Culleton said he had asked for the Senate to be recalled, but President of the Senate, Senator Stephen Parry said this could only happen at the request of government or with the support of the majority of members.

Senator Culleton said he wanted the Senate to resolve his status.

"I respectfully wrote to the senators, all senators on the sixth of January and it's my understanding that considering if I can get the support of the party leaders, I think it's under standing order 55 off memory, that the Senate can go behind and deal with it," he said.

Brother-in-law could take Senate spot

The Federal Court ordered a 21-day stay of proceedings following last month's court hearing which expires on Friday, but it is understood this does not affect the bankruptcy ruling itself.

In a statement, Senator Parry said "the constitution gives no discretion to the Senate to disregard a disqualifying event".

There is also "no statutory machinery for informing the Senate of the disability of one of its members".

Senator Parry said notification of the vacancy to the Governor did not end the matter.

The Court of Disputed Returns is considering the eligibility of Senator Culleton to have been a candidate, and its decision will determine how the vacancy is filled.

Senator Culleton's candidacy was referred to the High Court as he had been convicted in absentia of a larceny charge, a conviction which was later annulled.

Options for filling the vacancy include One Nation choosing a replacement candidate, or the position being allocated to the second person on the 2016 One Nation Senate ticket Peter Georgiou, who is Senator Culleton's brother-in-law.

There could also be a recount of votes.