Former HIH CEO Ray Williams has filed for bankruptcy and has already offloaded about $11.5 million of property and shares since the one-time mega insurer went down the gurgler.

It’s thought HIH liquidator Tony McGrath’s recent claim for Mr Williams’ termination payment spurred the action. The claim is worth almost $1 million.

Mr Williams is currently serving almost three years jail for his role in the HIH collapse and faces claims of more than $645 million.

A statement of affairs filed with Mr Williams’ trustee Mark Robinson shows he sold his $5.6 million Mosman mansion, another multi-million dollar property on the Central Coast and liquidated his $846,000 share portfolio in order to generate funds. 

His statement claims he has just over $94,000 in cash in a trust, BHP funds worth almost $11,000, a boat worth $10,000, two cars and ANZ shares worth just over $600.

In 2003 Mr Williams sold one parcel of shares to his wife, but the rest were sold on the market.