The Guardian is reporting Manx-based Trevor Hemmings has lost more than ?4million after the collapse of the Pontin's holiday camp chain.
Mr Hemmings is Pontins' largest creditor after Santander bank, which is owed ?43.5m.
Mr Hemmings has owned Pontin's twice in previous years, leading a management buyout in 1987 before selling it to Scottish & Newcastle and buying it back again in 2000.
When he sold it on again in 2008, Mr Hemmings kept a five per cent equity stake, which is now worthless after Pontin's went into administration.
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