Westlife Singer Bankrupt due to Property

chewmylegoff

ILW wrote: »

If he earns that money whilst bankrupt, doesn't it go to the official receiver to be passed on to creditors?

put it like this. if you have £4 million coming in, you don't make yourself voluntarily bankrupt unless you think that by doing so it will allow you to keep at least some if not all of that money.

paddyrg

I seriously don't believe that each of 4/5 warblers will make £4m profit on a 20-date UK tour. It could be a gross figure for a years/worldwide touring, but the net will be much lower I am confident - and that would be one very hard work tour!

homelessskilledworker

Greedy tw at, I feel sorry for the people who he owes money too.

princeofpounds

If he earns that money whilst bankrupt, doesn't it go to the official receiver to be passed on to creditors?

Yes, that would be how nice people play. In reality, it's probably structured so that he earns very little but some offshore shell company or trust beyond the reach of the OR takes all the money and he gets access somewhere down the line.

You only have to look at Kerry Katona to understand that with the right advice going bankrupt doesn't have to have to impact on your standard of living as it perhaps should.