Westlife's Shane Filan is declared bankrupt after property empire crumples
09:19 GMT, 14 June 2012
Devastated: Westlife singer Shane Filan, seen performing in Liverpool last night, is 'devastated' after he was declared bankrupt
He has sold more than 45million records as part of the boy band Westlife.
But singer Shane Filan has been declared bankrupt after his property empire crumpled.
The 32-year-old was said to have debts of 18million and a court has ruled that he is bust.
Speaking to the Mirror Shane said: 'I
have worked long and hard to try to reduce my debts, and I am devastated
that it came to this conclusion.'
The Irish heartthrob explained how he had spoke to several experts to try and find avoid bankruptcy but his efforts failed.
is currently with his band members on Westlife's final tour and he told
the paper he intends to focus on that in the near future.
He added that after the band finished
performed he would start: 'looking to rebuild a future for my wife, my
three children and myself.
Before the economic crises hit Shane and his brother Finbarr had borrowed millions from several banks in his native Ireland.
Their company Shafin developments had a series of large loans to construct a 90-home estate in Dromahair, Co.Leitrim.
Just over half of the houses were built with many selling for less than they cost to build.
In a clever move Shane relocated from Ireland to Surrey at the end of last year meaning his finances are dealt with in the UK.
His bankruptcy could have lasted up to 12 years in Ireland but will last just one year if he complies with the rules.
Shane is said to be earning 4million from his Westlife tour and he is also set to release a solo album next year.
Happier times: Shane with his developer brother Finbarr Filan, of Shafin Developments Ltd.
Luxurious: The house in Carraroe, Co Sligo, where Shane and his family lived before moving to Surrey
Westlife's manager Louis Walsh told the paper: '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.'
'He had no money when he started off before Westlife, and now he’ll make it all back when he becomes a massive star.'
Father of three: Shane and his wife Gillian now live in Surrey with their three children
VIDEO: Westlife have sold more than 45million records, see some of their greatest hits…
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