A Conservative spokesman said that Tony Caplin loan Board (PWLB) had resigned as Chairman of the public utilities.
The organization is responsible for multi-million pound loans to municipalities for infrastructure projects.
The mail on Sunday reported that a study of number 10 revealed, that Mr Caplin bankruptcy had been made in the year 2012.
"No party role"Whitehall rules require each delivery to a public institution, which is the competent Minister without delay in bankruptcy.
A conservative party spokesman said: "Tony Caplin has no role in the conservative party, nor he contributes to, the manifest.
"He was appointed by the previous Government to a number of public institutions.
"He was again ordered to the PWLB of Prime Minister. He should have declared that he is broke.
"This has been advised him and as a result he has resigned."
'Serious questions'Senior Labour MP Margaret Hodge, the Commons Public Accounts Committee Chairs, the mail on Sunday said: "It does raise serious questions that should be investigated."
The former Conservative Party Chief Operating Officer served a number of public institutions, including the North West London Hospitals NHS Trust, where he was last year of Chairman until January.
He was for 10 years a PWLB Commissioner and appointed Chairman Mr Cameron in July 2013.
According to the website PWLB Mr Caplin had been due date until the end of 2015.