Former Anglo Irish Bank chairman Seán FitzPatrick is to petition for bankruptcy today.
The case comes before the High Court after Anglo blocked his plans to strike a deal over his outstanding loans.
Last week, FitzPatrick offered his family home and half of his pension towards his outstanding debts.
However, Anglo Irish Bank, by far the largest of his creditors, refused to back the settlement.
The former chairman owes the bank €110m.
He is blaming the financial crisis for wiping out his net worth and his lawyers are due to petition the High Court for bankruptcy this morning.