Former Socceroos captain Lucas Neill is expected to be interviewed by administrators appointed after he was declared bankrupt in the UK.
London-based insolvency firm Begbies Traynor said the amount of Neill's debt was yet to be determined.
The 38-year-old Neill is believed to have earned around $40 million during his professional career, which included 15 years playing in England.
His investments reportedly included property in the US and a football coaching business in Sydney.
"Mr Neill is due to be interviewed when he returns to the UK in the coming weeks, at which point the Trustees will be able to obtain the background information required to determine the full scale of Mr Neill's debts," Dale Hernon, national head of creditor services at Begbies Traynor, said in a statement.
"At this early stage of proceedings, it is currently unclear to what extent any funds will be recovered."
Neill has kept a low profile since he acted as an ambassador at last year's Asian Cup.
He played 96 times for Australia before being dropped in 2013 as part of coach Ange Postecoglou's cleanout of the old guard ahead of the 2014 World Cup.