Xue Guanglin, the founder of Brightoil Petroleum Holdings and once a billionaire on the Forbes rich list, was declared bankrupt by Hong Kong High Court following a long-running case involving financial woes at his company.

As Xue is a personal guarantor for about US$30 million debt owed by Brightoil’s Singapore subsidiary to Vietnamese national oil company Petrolimax, the Hong Kong High Court ruled he was bankrupt due to his guarantor status of overdue debt.

Xue, 52, ranked as high as 51st on Forbes China rich list in 2015 with a reported wealth of 19 billion yuan.

Brightoil Petroleum, one of the largest private-owned oil companies in China, has been suspended from trading since October 2017 over a series of financial difficulties.

The company announced a series of steps last November to reorganize and raise more money in an effort to return to financial health. Its estimated total obligations at the end of January stood at about $1.9 billion, Caixin reported.