Former BRW's Rich 200 member Phil Adams, better known as the co-founder of the failed financial services firm MFS, has filed for bankruptcy, the Gold Coast Bulletin reports.

Adams was last listed on the 2007 Business Review Weekly's 200 richest with a A$370 million fortune. Since MFS collapsed, he has spent the past two years working in the Dubai property sector through Agilis Global, the news service said. Earlier this year, Adams sold his stake in the firm and is now reportedly living in Sydney. The bankruptcy is being administered by Jason Bettles of Worrells on the Gold Coast.

"We will undertake a review of his affairs to see what assets he has and review the records to see if there are any... assets that we might be able to recover," Bettles was quoted as having said.

Adams is said to have debts amounting to A$120 million.