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Westlife singer bankrupt!
Lead singer of Westlife Shane Filan....
http://www.dailymail.co.uk/tvshowbiz/article-2387262/As-Westlifes-lead-singer-trappings-fame-Shane-Filan-lost-lot-Here-tells-dizzying-fall.html
He's a much better singer than he is business man! :eek:
Insane to lose £18 million. That's a mind blowing waste of money. Kind of obscene when you think about it. When someone goes bankrupt their have very tight restrictions on what they can purchase. So no more properties to buy, Shane! :rolleyes:
It's funny to think he said he wasn't greedy. At the time he invested in properties he was worth 8 million so he didn't need any more money. But I guess he couldn't stop cos he thought he was so rich he could buy anything he wanted.
As a result of losing his property investments in Ireland’s economic crash, he was declared bankrupt to the tune of an eye-watering £18 million.
When he was declared bankrupt in June 2012, it was revealed he had just over £100 in cash and £5,500 in the bank. It was an astonishing fall from grace.
Shane had got caught up in the Irish property boom, spurred on by easy loans and low interest rates. ‘People may think I was being greedy, but I’d have to disagree.’ says Shane. ‘My attitude wasn’t: “Right, let’s make loads of money and get the hell out of here.'
http://www.dailymail.co.uk/tvshowbiz/article-2387262/As-Westlifes-lead-singer-trappings-fame-Shane-Filan-lost-lot-Here-tells-dizzying-fall.html
He's a much better singer than he is business man! :eek:
Insane to lose £18 million. That's a mind blowing waste of money. Kind of obscene when you think about it. When someone goes bankrupt their have very tight restrictions on what they can purchase. So no more properties to buy, Shane! :rolleyes:
It's funny to think he said he wasn't greedy. At the time he invested in properties he was worth 8 million so he didn't need any more money. But I guess he couldn't stop cos he thought he was so rich he could buy anything he wanted.
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Deleted my original post because its a tad harsh knocking those worse off than me.
What's even more disgusting in this case is that Mr Filan got his bankruptcy sorted in the UK so his debt is wiped clean in one year. Had he sought bankruptcy in Ireland - where he borrowed the money - he would have had this hanging over him quite rightly for up to 10 years.
He has a new single out too - so will still be making loads of money. Yet his creditors will get nowt!
Actually I think he borrowed the money in the UK - he certainly talks about the heads of banks flying in from London.
I think his solo career will flop and his new single isnt great
just like starting in the UK market now
property is not a one way bet prices go down as well as up
a house is for living in its not a ATM
I agree. Some people do not even earn that amount in their life, yet I and other people are meant to feel sorry for this person going bankrupt?
He's currently doing the interview rounds and has a solo album coming out so I'm sure he'll recoup some of it.
Lost most of it trying to keep the investments afloat once things in Ireland got shaky - which happened very quickly. He was hardly building stuff to flog on for a quick buck. He's had
To sell a house he spent seven years building to try and pay back some of the money he owes in Sligo, and now lives in a pretty modest house in England. Which he was advised to do. He also started the investment with his much older brother so if he was out to make a quick buck and rip people off I hardly doubt he'd drag his family into it.
If you knew anything about the situation you'd know He has been devastated to leave Sligo and particularly in the situation he's left behind to then try and deal with.
This isn't a man bankrupt and still driving flash cars and shopping in designer stores like others, he lives modestly, sold all his cars, sold his beloved house, his children are at normal school and he even sold his wedding ring initially to cover some costs. His wife openly now shops at Primark and other high street stores. Yet you all slag him?
Yes, he made a mistake, like a lot of people have done in recent times, and obviously is being asked to talk about it now he is promoting his single. As he would be. But as usual the DS hounds are out for blood.
I can assure you if you knew anything about him and the house he built in Ireland for his family you'd know what it has meant to sell it.
I'm not advocating bankruptcy or leaving people with debts, what I AM pointing out is that a lot of you are tarring him with the general bankruptcy brush without knowing all the facts.
He's hardly like Kerry Katona driving around in his pricey car and living in some mansion, with selfridges bags on every arm.
And btw, saying 'rubbish' in such an intentionally rude way was totally unnecessary. I'm not stupid and being 'castigated' in such a way really gets my goat. Yes, I'm a fan, but I'm not twelve. AS a fan, i've read a lot and heard a lot of the actual truth (from people who actualy DO know) regarding this bankruptcy, but obviously you know better and feel the need to be sarcastic. Of course. Sometimes the lack of manners on this place really grates on me.
As for pleading the poor mouth, he can still afford to record in Nashville, never mind the horror of his missus having to buy clothes in Primark for the kids!:rolleyes:
Doubt he's worse off than you !
Ask yourself where he got the estimated £20,000 to buy back his engagement ring. The Irish press said the Insolvency company allowed him to keep his wedding ring , The British press are saying he was allowed to buy it back - so where did a bankrupt get £20,000......He's also managed to hold on to his Georgian Mansion in Surrey where he moved to .
It seems if you're a poor bankrupt you loose everything if you're a rich bankrupt there are ways to hang on to some things !
He was a greedy little munchkin wasn't he . Despite making and estimated £10 million from all his years in a boyband it seems this was not enough for him.
I have no sympathy for greedy people. Louie Walsh has said that he will be a major solo artist
:eek::eek::eek::eek::eek: You must be his biggest fan lol
You make him sound Mother Teresa building Care Homes for the poor and amenities for the local community. As he said in an interview with a british paper " there were not many care homes in this part of Ireland so thought it was a growth industry "
He was a greedy little man out to make a quick buck.
Which still means that all his money went into them. He should have let his investments go and used the remaining money to live off comfortably.