Thomas Coakley, once estimated to be worth £70 million, has been placed in sequestration after failing to pay Luxembourg-based firm Hadrian SARL.
The 50-year-old, who operates a commercial and residential property business, is also being pursued by Scots heating company Mmaxx Underfloor Heating Ltd over an alleged six-figure debt for work at his £1.5m home in Lochwinnoch, Renfrewshire.
Neil McFarlane, director of Mmaxx, said: "I imagine there are going to be a lot of people affected by this, a lot of people will lose money.
"We've been chasing Mr Coakley for more than £100,000 for five years now and I always suspected there might be nothing there to pursue.
"Thankfully our business has managed to survive without the cash but there may be others out there who are not as lucky."
Mr McFarlane recently lodged a legal action against Mr Coakley at Airdrie Sheriff Court seeking payment of the money.
However, Mr Coakley, whose address was given as Bothwell, South Lanarkshire, on the bankruptcy extract, denies that he owes the money.
Accountancy firm PriceWaterhouseCooper has been appointed as trustee in Mr Coakley's bankruptcy case.