Westlifes Shane Filan Loses His Property Empire And Declares Himself Bankrupt.-mi.11bt.info

Real-Estate It seems that even millionaire pop stars are not safe from the threat of repossession and bankruptcy, as Westlife lead singer Shane Filan has learnt, the hard way. Even though the singer has sold more than 45 million records as part of the successful Irish boy band, he has declared himself bankrupt after witnessing his property empire crumble before his very eyes. Shane decided to declare bankruptcy after his property debts spiralled to an astonishing 18 million even though he explained that he had worked for a long time to try and reduce the debt so avoid bankruptcy. He admitted having spoken to several debt experts to try and bring an end to his dire financial issues but all efforts failed. Things were very different for Shane before the economic crisis hit. He and his brother Finbarr borrowed millions of pounds from several banks in Ireland through their .pany Shafin developments with the intention of constructing a 90 home estate in Dromahair in County Leitrim through a series of large loans. As a result of the crisis though only half of the homes were actually built and of these half many sold for less than they cost to build. So at the end of 2011 Shane decided to leave his native Ireland and settle with his family in Surrey so that his finances could be dealt with in the UK. The reason being that in Ireland bankruptcy lasts for 12 years whereas in the UK it will be just for a year if he .plies with the rules. Ireland saw the boom known as the Celtic Tiger during the good times of the mid-2000’s. Many took out cheap credit for mortgages but it is these people who are suffering badly when the downturn took place. Both in Ireland and Spain the property booms were built on a mountain of debt and saw it was these countries that witnessed the greatest crash. Once the credit crutch hit, many debts were called in. Both in Ireland and Spain there are huge estates with half built houses standing empty as the cash has run dry. House prices in Ireland have fallen by up to 60% and .mercial properties are following suit. There are over 1,600 ghost estates in Ireland where houses have been .pletely abandoned by the developers who have simply jumped ship and left the misery of the property market behind. In regards to Shane Filan, Louis Walsh the band’s manager, feels that Shane will have a successful solo career now that Westlife have .pleted their final tour. Walsh believes that Shane will start over again and regain his lost millions through his solo work and make his riches in no time at all. However it is not just Shane that has suffered from the property crisis in the world of celebrity. Many footballers have invested in property only to see their investments crash. Jason Euell suffered from the property crash and was forced to declare himself bankrupt. Also former England and Aston Villa player Lee Hendrie also had to admit bankruptcy after several property and film investments fell apart. He owed HM Customs and Excise over 200,000 in unpaid tax and tried to sell his Solihull home, valued at 1.7million. However the mortgage on the property exceeded the value and so bankruptcy was the only option left. Probably the most talked about property investor who fell foul to the economic downturn was Grant Bovey, husband of TV presenter Anthea Turner. Bovey had a property empire valued at over 50 million but when the downturn hit he lost it all. However after just a year he is now free of his bankruptcy order and still had a home and one in France due to them being in his wife’s name. Atomic Kitten star Kerry Katona is also a former bankrupt and TV presenter Miquita Oliver. About the Author: 相关的主题文章: