Westlife's Shane Filan: 'Bankruptcy is tough but it's meant to be'

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Westlife's Shane Filan: 'Bankruptcy is tough but it's meant to be'
Bankrupt Westlife idol Shane Filan believes what will be, will be with his disastrous personal finances.

He was speaking out for the first time since announcing that he had been declared bankrupt in the UK because of his investments in property development.

Filan (32) has said a big thanks for all the support he has received - and revealed his now former bandmates have been a huge support.

Shane admitted: “I don't want to go into it too much. It is has been reported, but there is still a legal situation going on.

“What I can say is that I have had amazing support from the rest of the band and all my family.

“So I want to say thank you to everyone for that. It's been tough, but what's meant to be is meant to be.”

The Sligo-born star, whose band performed two sold out farewell concerts last weekend, is being tipped for a successful solo career.

Earlier this year Shane’s property company Shafin Developments, which he owned jointly with his brother Finbarr, went into receivership. Both Ulster Bank and Bank of Ireland are pursuing debts.

In May Ulster Bank appointed Patrick Horkan of KPMG as receiver as the company owed the bank €5.5 million. This is not thought to be the entire debt which is estimated to be as high as €10 million.

Shafin Developments had accumulated losses of €3 million by the end of 2010 and a bank debt of around €5 million.

One of their loans from Bank of Ireland was for €1.3 million which was used to purchase farmland in Co Leitrim and a stretch of mountainside where the family kept horses.

The property ventures were also funded by Anglo Irish Bank.

Shane hit the headlines in September when he sold his vintage Aston Martin in England for just under €400,000 which he bought as a 30th birthday present to himself.

The family moved from their stunning home in Sligo to Surrey over the Christmas holidays.

His bankrupcty now means that his assets - excluding most likely his family home - will all be liquidated and his future earnings over the next three to four years can be partially used to pay back his debts.

Speaking about other issues outside the fiasco of his personal finances he would consider working on one of Simon Cowell's talent shows, dad-of-three

Shane confessed: “You have to consider all your options, but it's early days.”

The pin-up paid tribute to music mogul Simon over the success of boyband sensations One Direction.

He told Best magazine: “I think Simon has been very clever with One Direction. Once again, he has chosen the right songs, and they are great.

“I think the whole Twitter thing has helped spread the message to the US. We never had that when we started - you had to work a lot harder back then.”


Westlife`s Shane Filan: `Bankruptcy is tough but it`s meant to be` on ClickOnline.com
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senan.hogan@thestar.ie
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