Westlife - Shane Filan Bankrupt: Where Did The Money Go?
Westlife singer Shane Filan has been declared bankrupt at the age of 32, the Guardian reported yesterday (June 14, 2012). The band are currently performing the final leg of their last ever live shows before they intend to end the band completely. Shane released a statement saying "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."
It is thought that Filan suffered financial problems as a result of the property crash, as his property development company went into receivership last month. Earlier this week, he was declared bankrupt in Kingston County Court in Surrey. The bankruptcy order lasts for a year. If he had filed in Ireland, it would have most likely lasted more than three years. The collapse of the company is the only answer provided for Filan's loss of his entire fortune. It is thought that the band were worth around 31 million pounds in 2010, after having sold 44 million copies of their records around the globe.
Filan added that he would focus on the rest of Westlife's tour dates before considering his family's future: "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." The band's 14-year career is scheduled to end on June 23, 2012 with a show at Croke Park, in Dublin.