NOTE: As you may have noticed I avoid adding articles about Shane’s economic situation and I will keep it that way in respect to him. I will only be adding articles about the matter that include quotes of Shane or someone close to him.
The boyband star’s property empire in Ireland had collapsed, leaving the 32-year-old with debts of £18million
Westlife singer Shane Filan yesterday spoke of his devastation after being declared bankrupt.
The boyband star’s property empire in Ireland had collapsed, leaving the 32-year-old with debts of £18million.
Despite employing an army of financial experts, a court ruled this week that the dad-of-three was bust.
During the economic boom, Shafin Developments, which Shane set up with his brother Finbarr, borrowed millions from Bank of Ireland and Ulster Bank.
The firm took out a series of loans to construct a 90-home estate in Dromahair, Co Leitrim. However, when the site was recently inspected, just 50 homes had been built and many sold for less than the cost of completion.
A series of other projects, including a supermarket in Leitrim and a nursing home in Sligo, have also come to a halt.
The star’s financial fall from grace is being dealt with in the UK after he relocated to Surrey with wife Gillian and their kids before Christmas.
His bankruptcy, announced at Kingston County Court, will last for a year, provided he complies fully with the courts, compared to 12 years in Ireland.
But Shane is expected to boost his bank balance by £4million at the end of Westlife’s farewell tour next week.
After their launch in 1998, the Irish boyband sold more than 45 million records worldwide and had 14 No1 singles in Britain alone.
Shane, who releases a solo album next year, currently has four major record labels fighting over him.
Pop mogul Louis Walsh, who will be managing the singer this summer, previously said he “doesn’t need to worry”.
He added: “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.”