The actor, perhaps best known for his role in 90s sitcom Men Behaving Badly, is said to be in £2.5 million of debt after investing in a property scheme which later collapsed.
In an interview with the News of the World, he expressed his reluctance to file for bankruptcy as he wanted to repay everyone he owed money to.
He told the paper: "All of a sudden everyone wants their money back. And the credit crunch certainly didn’t help at all.
"A lot of banks wanted to recall, and certainly review, the nature of the loans."
His property portfolio also included a range of hotels and pubs, including Brown’s Hotel in Laugharne, which is believed to have been a favourite haunt of Dylan Thomas.
Figures from the Insolvency Service recently showed that there were 33,073 individual insolvencies in the second quarter of this year, an increase of 27.4 per cent when compared to a year ago.