Westlife Singer Bankrupt due to Property

ruggedtoast

http://www.guardian.co.uk/money/2012/jun/14/westlife-singer-shane-filan-bankrupt

He should have invested in London.

wymondham

I predict another tour then!

princeofpounds

I'm surprised this leaves him personally bankrupt, he should have been doing this in a limited liability company with a business of that scale, without personal guarantees.

I guess he was just trying to get as much leverage as possible.

DannyRadclif

Its only interesting because he was famous. I wonder how many non famous folks thought property always only goes up and its a sure thing?

ruggedtoast

While Westlife probably made a killing when they were young, I doubt they see that much from the rights to their songs now.

Better makes this last few tour dates count boys.

dawyldthing

i saw the other day they were doing meet and greet for 433 quid :O so they definately are milking it!

http://www.ticketweb.co.uk/user/?region=gb_scotland&query=detail&event=495899&referral_id=tm_listings

RUN_RABBIT_RUN

just seen that on bbc news

i expected to see that he'd spent it all on women, drugs and booze - but no, he simply allowed himself to be hopelessly over-exposed via a property company.

incredible really as i'm sure he's made a fair few bob with westlife.

i remember hearing that frank skinner had lost a lot of dough in much the same manner.

PasturesNew

I noticed he filed in Surrey - then clicked a link to another Irish couple filing for an £800m portfolio - and in there it says:

... the Irish "bankruptcy tourists" fleeing to the UK to use Britain's more lenient bankruptcy laws...

Bankrupts face only a year in financial purdah in Britain, compared with 12 years in Ireland

And it's not just the Irish - the EU's bankrupts come here to do it to get off light.

wotsthat

RUN_RABBIT_RUN wrote: »

just seen that on bbc news

i expected to see that he'd spent it all on women, drugs and booze - but no, he simply allowed himself to be hopelessly over-exposed via a property company.

incredible really as i'm sure he's made a fair few bob with westlife.

i remember hearing that frank skinner had lost a lot of dough in much the same manner.

It's a greed issue.

He had enough money earnt from being in Westlife to keep himself in wine, women, drugs and fast cars for a lifetime. Instead of taking decent advice to ensure that he maintained this fortunate situation he was stupid enough to try and get rich quick when he was already rich.

Unfortunately money can't buy common sense.

wotsthat

PasturesNew wrote: »

And it's not just the Irish - the EU's bankrupts come here to do it to get off light.

It's good to see UK exports on the up.

Graham_Devon

It was a limited company. So I'm not sure whether he has had to go personally bankrupt or whether his creditors will have taken the entire hit.