'In the UK the period of bankruptcy typically lasts for a year but in the Republic of Ireland it is at least three years and more commonly 12 years.'
The band Westlife have sold millions of records making the members quite wealthy but Shane has reportedly suffered enormous losses in the Irish property crash.
Shanes statement sees the singer say he has "worked long and hard" to tackle his debts and is devastated that his problems have come to this conclusion.
Shane, a father-of-three, established a property company in 2004 with his brother Finbarr. 'Shafin Developments Limited' has been involved in Counties Leitrim and Sligo in the west of Ireland. It was placed into receivership last month.
The singer was declared bankrupt earlier this week at Kingston-upon-Thames County Court and his name has been placed on the UK insolvency register. He becomes one of the latest highly indebted Irish property developers who file bankruptcy in the UK.
A condition of it's EU/ IMF bailout is that Ireland must liberalise its bankruptcy regime. The country's banks are concerned however that such reforms will lead to mass mortgage defaults as ordinary homeowners use bankruptcy to escape from negative equity.
Last year in October Westlife announced their plans to split up. They are one of the most successful boy bands of the last decade with more than 44m record sales. Westlife are currently in the middle of a farewell tour and still continue to fill seats with their adoring fans.
Article by Michelle
Photo by Harry Wad via Wikipedia.