Former hairdresser Barry Chuwen won £4.5m on the National Lottery and went on to invest his winnings in the property firm Jasper Wishaw.
The business bought a string of high-end properties in and around Glasgow with the help of mortgage finance from the Royal bank of Scotland, but it has now been wound up by the bank.
Mr Chuwen, who lives in the Whitecraigs area of the city, said that only the bank was owed money and that he intends to start again.
He said: "I am just the latest property investor to suffer as a result of the economic recession. But I am not feeling sorry for myself. I have bounced back and started the business Move Quick which has helped hundreds of people to sell their homes in a difficult market."
Mr Chuwen continued to work in his Glasgow salon for more than a year after his windfall as he struggled to come to terms with the win.
The 43-year-old has now set up a new estate agent venture Move Quick, which employs around 15 people.
"I have learned a very hard lesson and it has given me the drive to start over again. I am giving full or part time employment to around 15 people and am determined to make Move Quick one of the most successful estate agencies in Scotland."