Westlife - Shane Filan Bankrupt With 18m Debts

0
0
Subscribe to Westlife alerts

Shane Filan has been declared bankrupt due to debts of £18 million.

The Westlife singer - who has three children, Nicole, six, Patrick, three, and two-year-old Peter with wife Gillian - has ''exhausted all other options'' in a last ditch attempt to save his failed property empire in Ireland.

Shane spent ''months'' working with a team of financial experts to help him get out of trouble, but he has now been ruled officially bankrupt at Kingston County Court, Surrey.

The 32-year-old star - who had to sell his Aston Martin for £322,000 - said: ''Together with a team of financial and legal experts I have spent months exploring all possible alternatives to bankruptcy but to no avail.

''I have worked long and hard to try to reduce my debts, and I am devastated that it came to this conclusion.

''I now intend to focus on the remaining dates of the Westlife tour and my Commitments to the band before looking to rebuild a future for my wife, my three children and myself.''

Shane is dealing with his plight at his and Gillian's home in Surrey, and his bankruptcy will only last for one year in England, provided he complies with the courts, compared to 12 years in Ireland.

The singer's financial downfall came after his and his brother Finbarr's company Shafin Developments borrowed millions from Bank of Ireland and Ulster Bank during the economic boom with a view to constructing a 90-home estate in Dromahair, County Leitrim - but only 50 houses had been built when the site was recently inspected.

Other projects including a nursing home and supermarket in Ireland have also been stopped.

Shane is due to continue singing at Westlife's farewell tour - which is expected to net him £4 million - with farewell gigs in Dublin, Ireland, next week before he starts a solo career, which will be managed by 'x factor' judge Louis Walsh, who believes the Irish star will ''make millions'' from the project.

He is quoted by the Daily Mirror newspaper saying: ''Shane is going to have a massive career after Westlife. He's going to have a great solo career and make millions. He'll start all over again and remake the riches in no time at all.''


Contactmusic

Tags: Westlife - Aston Martin - Commitments - Louis Walsh - The X Factor

0
0
Subscribe to Westlife alerts
Advertisement

More Westlife

Robin Thicke's New Album Titled 'Paula': Ten More Cringe-Worthy Album Titles

In perhaps the most audacious and downright ridiculous move the music business has witnessed in the last few years, singer Robin Thicke has announced his...

It Happened: Kian Egan Announces Plans For Debut Solo Album

Kian Egan is the reigning King of the Jungle after being crowned the victor of the last season of I'm A Celebrity, Get Me Out...

Advertisement

Louis Walsh Will Bow Out Of 'The X Factor' In 2014, After 10 Years

Louis Walsh has confirmed that he will quit ITV's singing telent contest, The X Factor, after this next series. The upcoming programmes, currently in auditions,...

One Direction Rack Up £100 Million Fortune In Under Two Years

One Direction may still be teenagers but they are worth a fortune, after less than two years in existence. One Direction shot to fame after...

Westlife - Gravity

In the twelve years that've passed since they were manufactured in 1998, Irish megastars Westlife have had an outstandingly successful career. Having matured through ten...

Advertisement

Comments

Westlife Newsletter

Subscribe to this news alert service to receive news and reviews on Westlife

Unsubscribe | Unsubscribe All