Jump to content
House Price Crash Forum
finallysold

Westlife Lead Singer Bankrupt

Recommended Posts

is he the highest profile casualty in ireland?

Shane Filan has been declared bankrupt after his property empire crumpled.

The 32-year-old was said to have debts of £18million and a court has ruled that he is bust.

Speaking to the

Mirror Shane said: 'I have worked long and hard to try to reduce my debts, and I am devastated that it came to this conclusion.'

Share this post


Link to post
Share on other sites

It's amazing how often people with the talent or luck to make millions don't then have the nous to keep it. This has been the case going back hundreds of years.

I always feel that with a single million pounds I could live a comfortable rest of my life, yet often people with tens of millions in one year are reported as bankrupt 5 years later, sometimes having blown it on tosh and sometimes like this having "invested" it unwisely.

Share this post


Link to post
Share on other sites

he is not doing badly is he. all his debts are written off and he starts afresh earning millions from his tours again. surely if he can earn that much, he should be made to pay back more

Share this post


Link to post
Share on other sites

It's amazing how often people with the talent or luck to make millions don't then have the nous to keep it. This has been the case going back hundreds of years.

I always feel that with a single million pounds I could live a comfortable rest of my life, yet often people with tens of millions in one year are reported as bankrupt 5 years later, sometimes having blown it on tosh and sometimes like this having "invested" it unwisely.

yep, its certainly a "turnaround" for them.

Share this post


Link to post
Share on other sites

he is not doing badly is he. all his debts are written off and he starts afresh earning millions from his tours again. surely if he can earn that much, he should be made to pay back more

er ....no....any money he earns in excess of reasonable living costs will be taken by the creditors, and the write off only occurs at the end of the Bankruptcy...whatever the term is in his case.

Share this post


Link to post
Share on other sites

er ....no....any money he earns in excess of reasonable living costs will be taken by the creditors, and the write off only occurs at the end of the Bankruptcy...whatever the term is in his case.

"

In a clever move Shane relocated from Ireland to Surrey at the end of last year meaning his finances are dealt with in the UK.

His bankruptcy could have lasted up to 12 years in Ireland but will last just one year if he complies with the rules."

surely this means that he is done after a year. or am i mistaken. i am just amazed that he made so much money in the first place.

Share this post


Link to post
Share on other sites

"

In a clever move Shane relocated from Ireland to Surrey at the end of last year meaning his finances are dealt with in the UK.

His bankruptcy could have lasted up to 12 years in Ireland but will last just one year if he complies with the rules."

surely this means that he is done after a year. or am i mistaken. i am just amazed that he made so much money in the first place.

yep, just 12 months...unless the OR finds something dodgy and asks the Court for a further period.

Share this post


Link to post
Share on other sites

"

In a clever move Shane relocated from Ireland to Surrey at the end of last year meaning his finances are dealt with in the UK.

His bankruptcy could have lasted up to 12 years in Ireland but will last just one year if he complies with the rules."

surely this means that he is done after a year. or am i mistaken. i am just amazed that he made so much money in the first place.

yes quite a clever move, after 1 year he will be free,

i am amazed he made so much money too, he is quite a good singer but no Lou Gramm

Share this post


Link to post
Share on other sites

yes quite a clever move, after 1 year he will be free,

i am amazed he made so much money too, he is quite a good singer but no Lou Gramm

He didnt...leverage makes an average wage into a huge loss when it all goes wrong...ask any Lehman Executive.

Share this post


Link to post
Share on other sites

It's amazing how often people with the talent or luck to make millions don't then have the nous to keep it. This has been the case going back hundreds of years.

I always feel that with a single million pounds I could live a comfortable rest of my life, yet often people with tens of millions in one year are reported as bankrupt 5 years later, sometimes having blown it on tosh and sometimes like this having "invested" it unwisely.

Indeed, the same thought crosses my mind when I see numpties on the Dragons' Den proudly claim they invested hundreds of thousand on some worthless invention. If you've already go that sort of money to throw around then it's job done.

Share this post


Link to post
Share on other sites

Indeed, the same thought crosses my mind when I see numpties on the Dragons' Den proudly claim they invested hundreds of thousand on some worthless invention. If you've already go that sort of money to throw around then it's job done.

yeah, but, just how many cocktails can one drink, how many beaches can you laze on...life can be very dull if you just live.

Share this post


Link to post
Share on other sites

Ireland has agreed to liberalise its bankruptcy regime as one of the conditions of its EU/ IMF bailout.

However the country's banks are concerned that the reforms could lead to a flood of mortgage defaults as ordinary homeowners use bankruptcy to escape from negative equity.

Haha! The irony. The bailed out, bankrupt criminal banksters with their fat cat bonuses are worried that their customers may find it slightly less onerous to bail out and become bankrupt. I think the bank should pay him a couple of million as a golden handshake bonus. :lol:

Share this post


Link to post
Share on other sites
Guest eight

surely this means that he is done after a year. or am i mistaken. i am just amazed that he made so much money in the first place.

Whatever you think of their music, they've been on the go about 15 years and off the top of my head have had more UK No. 1's than The Beatles.

I suspect that anybody in a manufactured boy band is open to manipulation though. Probably not the brightest spanner in the box.

Share this post


Link to post
Share on other sites

18 million!!!???

So, at what point wash he a major driver of the housing bubble in Ireland?

I seem to recall a Hollywood actress returning to her mid-West hometown about 20 years ago, buying up most of the property and driving up the prices. Once she owned most of the property the property market collapsed as she was effectively responsible for driving up the prices.

Share this post


Link to post
Share on other sites

Whatever you think of their music, they've been on the go about 15 years and off the top of my head have had more UK No. 1's than The Beatles.

I suspect that anybody in a manufactured boy band is open to manipulation though. Probably not the brightest spanner in the box.

i know they have had a lot of hit records. but by the time you take out all the middlemen, management fees, high end lifestyle and the fact that there are five of them, it is amazing that he ends up with so much money. they are a manufactured band and i would have thought they had very little control on what they performed. someone writes their songs and many of their hits are covers. so how much money can you really make? plenty i guess

Share this post


Link to post
Share on other sites

i know they have had a lot of hit records. but by the time you take out all the middlemen, management fees, high end lifestyle and the fact that there are five of them, it is amazing that he ends up with so much money. they are a manufactured band and i would have thought they had very little control on what they performed. someone writes their songs and many of their hits are covers. so how much money can you really make? plenty i guess

odd that, with sooooo much money...he is bankrupt.

Share this post


Link to post
Share on other sites

Hopefully this will dissuade other mugs who have got lucky and made money in one field from speculating in one in which they know nothing. And it is usually in property.

Share this post


Link to post
Share on other sites

"

In a clever move Shane relocated from Ireland to Surrey at the end of last year meaning his finances are dealt with in the UK.

His bankruptcy could have lasted up to 12 years in Ireland but will last just one year if he complies with the rules."

surely this means that he is done after a year. or am i mistaken. i am just amazed that he made so much money in the first place.

Yes, done after a year thanks to the 'generous' British bankruptcy system.

Still, it must be generating quite a lot of extra GDP as heavily indebted citizens of other EU countries flock to blighty in order to stiff their creditors with minimal consequence to themselves.

Share this post


Link to post
Share on other sites

The star’s financial fall from grace is being dealt with in the UK after he relocated to Surrey with wife Gillian and their kids before Christmas.

Surely it would make sense that you have to be domiciled in the UK for say 3 years before eligibility for UK bankrupt laws. Otherwise, you default back to where you lived previously?

It seems people just pop into the UK knowing full well they are about to go bankrupt.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 220 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.