‘Rich Dad, Poor Dad’ author, Robert Kiyosaki files for bankruptcy

The author of best-selling financial help book Rich Dad, Poor Dad has filed for bankruptcy.

Financial guru Robert Kiyosaki filed for corporate bankruptcy after losing a court judgment to The Learning Annex.

Mr Kiyosaki's company, Rich Global LLC, was ordered to pay almost $24 million to the Learning Annex and its founder and chairman, Bill Zanker.

A US District Judge ordered Mr Kiyosaki to give Mr Zanker a percentage of the profits he made from speaking appearances that he'd organised through Learning Annex.

Mr Zanker told the The New York Post that he was responsible for making Rich Dad, Poor Dad into the global name it is today.

"I took Kiyosaki's brand and made it bigger. The deal was I would get a percentage and he reneged," Mr Zanker said.

"Oprah believed in him, and Will Smith believed in him, but he didn't keep his promise to us."

Mr Kiyosaki first published Rich Dad Poor Dad in 1994, and has since written 11 other books.

Rich Dad, Poor Dad has sold more than 26 million copies and earned Mr Kiyosaki widespread fame.

Mike Sullivan, chief executive of Mr Kiyosaki's Rich Dad Co, told reporters that Mr Kiyosaki was still doing well thanks to investments in other companies but that they thought the judgment was unfair.

"I can't do anything about a $20m judgment. We got hit for what we think is a completely outlandish figure," he said.