Bankrupt Westlife Star Still Hanging On To His Most Prized Possession

They've sold over 43 million singles, have played consecutive sell-out concerts in some of the world’s biggest arenas and have earned millions so it came as a huge shock to find out last year that Sligo native Shane Filan had filed for bankruptcy in the UK.

Shane, who at one point owned over 20 properties and planned on building a multi-million euro housing estate and nursing home in his hometown, filed for bankruptcy last year at Kingston County Court in Surrey, south west of London as he had “exhausted all options” and was “devastated”.

His company Shafin Developments, which he owned with his brother Finbar had borrowed heavily from Bank of Ireland and Ulster Bank during the boom and their debts now amount to €23 million with a further €770,000 owed to architects Vincent Hannon and Associates for unpaid fees.

Shane with his wife Gillian

Filan who once earned more than €1 million a year has had to sacrifice his A-list lifestyle and his diamond-encrusted wedding ring is the only luxury he is allowed hang onto after admitting his financial failings.

Although the ring is worth €38,400 and would go some way to help clear his debts, the UK Insolvency Service have allowed the singer to keep the expensive band but as the ring contains precious stones, it can be seized at any time and replaced with a simple gold band.

Other items seized include two watches valued at more than €7,000 each, a €1,208 pool table and a €2,417 snooker table and last year Shane was forced to sell three cars including a 1964 Aston Marin DB5 for almost €483,000.

It is believed that Filan filed for bankruptcy in the UK instead of Ireland because of the more lenient insolvency laws there, which will allow the singer to emerge from bankruptcy after just 12 months compared with 12 years in Ireland.