He may be part of one of the most successful boybands in the world but that hasn’t stopped Westlife star Shane Filan being declared bankrupt.
According to reports, the star has run up debts of £18 million, after borrowing millions from banks in Ireland for the property empire he runs with his brother Finbarr – Shafin Developments.
The ‘devastated’ 32-year-old told The Mirror: “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.
“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.”
After announcing that they were to split last year, Westlife are currently on their final tour, which is expected to earn Shane around £4million.
He is set to release a solo album next year, with Louis Walsh as his manager, and the X Factor judge is sure Shane will get back on track.
“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,” he told the paper.
MONEY MONEY MONEY
- Watch Westlife talk about their split in the player above
Westlife fans get second chance to say goodbye