The San Francisco Examiner announced on Friday that sixty-eight-year-old Bjorgolfur Gudmundsson, the second richest man in Iceland’s history, has filed for bankruptcy. He was declared bankrupt on July 31st of this year. It is Iceland’s largest bankruptcy case. The co-founder of Bravo Brewery and former owner of the West Ham soccer club, applied for bankruptcy protection at Reykjavik district court.

Gudmundsson’s son, forty-two-year-old Bjorgolfur Thor Bjorgolfsson, is Iceland’s richest man. Gudmundsson and his son were major shareholders in Iceland’s second largest bank, Landsbanki. The bank failed in October of 2008. Gudmundsson’s holding company, Hansa, has since gone into liquidation. He was not the only one; sixty-six percent of the people involved in Landsbanki have filed for bankruptcy. West Ham soccer club has been taken over by Gudmundsson’s creditors.

He was ranked by Forbes Magazine in March of 2008 as the 1014th-richest person in the world with a net worth of $1.4 billon. In December of the same year they revalued his net worth to zero. He is $759 million in debt.