In a shocking turn of events this August, former Westlife star Shane Filan confessed that he was on the verge of embracing bankruptcy. He also stated that keeping this news from the rest of the band members was indeed a task for him as well! Shane did not want to share his bankruptcy woes with his band members because the group was on the verge of a split. His present financial status could have an impact on the decision. Shane, who is now planning to go solo, is on the lookout for experienced bankruptcy lawyers who could help him deal with the situation and put his finances in order.
A Terrible Financial Situation
Speaking about his plight and dilemma, Shane expressed. “When we decided to split up, I still didn’t tell the lads what a bad state I was in financially, as I didn’t want that to affect the decision. But the minute I walked out the room, I was like ‘Holy Sh*t!’ I remember ringing my wife, asking her what we were going to do. I was so scared; because I knew then I had to try going solo, so it was a pretty weird few weeks.”
Quite alike the other members of the band, Shane too had earned millions through his 14 year old career, selling an impressive 50 million records across the world. His band also has 26 of the top UK singles till date. Shane had invested in land and property in Ireland for placing homes and supermarkets, hoping to make it big with his investments. However, the prospects of the economy went Kaput leaving him with unpaid personally guaranteed loads, unapproved planning applications, and banks demanding for their paybacks along with interests. He must have thought he was an American politician in spending so much money he could not back up.
He should have just kept it in his checking account. He spread himself too thin; that was the ingredient that ruined the meal.
With suggestion from several legal bankruptcy insiders Shane had to other choice but to declare bankruptcy. The years that led up to it were packed in with loads of stress and pressure, he claimed.