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Conservative MP Adam Afriyie has been made bankrupt after a judge heard he owed around £1.7m.
A bankruptcy order was made against the Windsor MP at an online hearing in the Insolvency and Companies Court on Tuesday.
Mr Afriyie had already announced he would be standing down at the next election, saying with Brexit "concluded" it was the "right time".
He has represented the Berkshire constituency since 2005.
During his parliamentary career, Mr Afriyie has served as a shadow science minister and in 2016 was appointed to be a trade envoy to Ghana.
He stood down from that role when the UK-Ghana bilateral trade deal was secured.
In 2013, there were reports MPs were working on a campaign to replace David Cameron with Mr Afriyie as Conservative leader, if the party lost the 2015 election.
However, Mr Afriyie insisted at the time there was "no truth" to the rumours and that he was "100% supportive" of Mr Cameron.