Westlife singer misses out on windfall

Former Westlife member and bankrupt Shane Filan is to end up empty-handed from a €2.382m windfall that is to be shared among the former band members.

It comes following the winding up of the band’s main entertainment firm, Bluenet Ltd, by remaining directors and former band members, Kian Egan, Nicky Byrne, and Mark Feehily.

However, Filan is to miss out on his share, estimated to be between €476,400 and €595,500, as the monies will go to his bankruptcy trustee.

The trustee took ownership of Filan’s Bluenet shares when he declared himself bankrupt in the UK last year following the collapse of his property business.

The Sligo-native — who resigned as a director of Bluenet Ltd last year — emerged from bankruptcy in June and will release his first solo single, ‘Everything to Me’ on Aug 25.

In an interview on RTÉ radio last week, the singer admitted that all monies he earned from the last Westlife tour and Croke Park gigs went to the bankruptcy trustee and the banks.

The father-of-three said: “People think I got to keep the [Croke Park] money. I didn’t. I genuinely had no money and still have quite little.”

The voluntary winding up of the band’s Bluenet Ltd follows a year on after the band’s sell-out gigs at Croke Park.

Bluenet derived its revenue from tour income, that includes live musical performance, merchandising income, tour fee income, as well as recording royalty income.

Documents lodged with the Companies Office show Bluenet had €2.86m in assets including €2.825m in the bank on Jun 13 last.

Documents signed by Egan, Byrne, and Feehily show the firm owed €280,570 to unsecured creditors along with a tax-bill of €43,287.

The directors state that all debts will be paid off within 12 months.

After all debts are paid in full, the firm will have €2.382m to share out.

A separate Westlife firm, Blacknight Ltd, is also being voluntarily wound up and has only €137 to share out after having a tax bill of €298,787 to pay off.

The winding up of the firms is being overseen by Limerick-based accounting firm Livewire Business Management, which is headed up by Alan McEvoy.

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