Westlife - Westlife Star's Financial Woes Shocked Louis Walsh

The Flying Without Wings hitmaker and his brother launched Shafin Developments Limited in 2004, but the property firm was hit hard by the global financial crash in 2008 and went into receivership earlier this year (12) - with the singer announcing bankruptcy earlier this month (Jun12).

The news was a shock to his mentor Walsh, who tells Britain's Daily Mirror, "We didn't know it was that serious. I knew maybe six months ago as he told the boys in a meeting he was having problems. He didn't tell us much because he didn't want to drag the other boys down with it."

The chart-topping band plays its final show in Dublin, Ireland on Saturday (23Jun12), marking an end to a hugely successful career.

Walsh added that Filan will be back in the recording studio after their landmark swansong gig: "Last night, Shane told me, 'All I want to do is sing, just get on with it. Pick up the pieces, go out on a high with Westlife and start again.'"