Lalit Modi, who has been facing legal action from former New Zealand cricketer Chris Cairns for libel, has been declared bankrupt.
The former Indian Cricket League commissioner owes private security firm Page Group 65,000 pounds (NZ$126,000) in unpaid bills from 2010.
A London court declared Modi bankrupt, however Modi will attempt to have the order set aside, Britain's Daily Telegraph reported.
Modi lives in London and has permanent security due to threats from Indian and Pakistani mafia gangs, the paper reported.
Stuart Page, the company's chairman said Modi had not paid for services provided in 2010 and attempts to reach a settlement were to no avail, so court action was taken.