Westlife - Shane Filan's Property Firm In Receivership
An Irish property company co-owned by Westlife star Shane Filan has been placed in receivership after bosses allegedly racked up debts of $6.4 million (£4 million).
The Flying Without Wings singer launched Shafin Developments Limited with his brother Finbarr in 2004, but rumours about the firm's money troubles emerged last month (Apr12) amid reports the brothers were being pursued by Bank of Ireland chiefs in court.
The Filans applied for a legal agreement in London to pay back creditors over a period of time, but now control of the business' assets have been handed to bosses at financial firm Kpmg to oversee on behalf of the Ulster Bank.
The singer is currently preparing to head out on a farewell tour with Westlife, which kicks off in London later this month (May12).