Westlife singer Shane Filan has been declared bankrupt by a British court following the collapse of the Irish property business he owned with his brother Finnbarr. The 32-year-old, whose boyband career earned him a share of an estimated £31m fortune, said he was devastated by the move, which comes just days before Westlife's farewell show in Dublin.
Filan was forced into bankruptcy after the property venture owed more than €5.5m (£4.45m) to Ulster Bank and Bank of Ireland. He is among dozens of Irish debtors using Britain's more liberal bankruptcy laws to wipe out debts. One financial expert said he will have helped clear €1bn of Irish debt in UK bankruptcy courts by the end of summer.
Property prices in Dublin have fallen 50% from their 2006 peak, and 10% of Irish mortgage holders are unable to repay loans. Filan was declared bankrupt at Kingston county court in Surrey, a month after his property company went into receivership. He said he had exhausted all other options and was devastated, but now intends to focus on Westlife's remaining tour dates before rebuilding his future.
Westlife, on their farewell tour, have had 14 No 1 singles in the UK. The group will end their 14-year career with a show at Croke Park in Dublin on 23 June. Filan will be discharged from bankruptcy on 11 June 2013, after which his debts will be considered cleared, though he cannot borrow money or act as a company director until then.
