Ruined Shane misses out on €600,000 pay day09/08/2013 09:37
Former Westlife star Shane Filan has missed out on a massive €600,000 windfall enjoyed by the rest of his bandmates.
Shane can only watch helplessly as the proceeds from the winding up of the band’s company have been sent directly to his bankruptcy trustees.
But Nicky Byrne, Kian Egan and Mark Feehily are all celebrating picking up €595,500 – a year after Westlife ended.
It comes as they agreed to all voluntarily wind up Bluenet Ltd, their main entertainment firm, after going their own way and split €2.3million.
However Shane – who is now working on getting back in the black through a solo career – receives nothing because his trustees took his shares after the devastating crash of his property empire.
It isn’t the first major sum Shane, 34, has lost out on after admitting earlier this month that he didn’t earn a penny from their final two nights in Croke Park.
He said: “People think I got to keep the money. I didn’t. I genuinely had no money and still have quite little.”
And Shane, who was €23million in the red despite netting millions with Westlife, admitted he hopes never to face financial ruin again.
He said: “My financial situation was obviously horrible. It’s a very scary dark place, but it was meant to be for me.
“If there was anything to go wrong in my life, I’m glad it was money and not anything else. It is what it is, and I can’t change the past and some people will be angry, but a lot of people are supportive.
“I’m looking forward to the future and hopefully everything will be okay now.”
The lads boosted the balance of Bluenet Ltd’s accounts from tour income, merchandise sales and music royalties.
Documents lodged with the Companies Office show that Bluenet had €2.86million in assets, including €2.825million in the bank on June 13, 2012.
The firm owed €280,570 to unsecured creditors, which will be paid off in a year, along with a tax-bill of €43,287.
Meanwhile, a separate Westlife firm Blacknight Ltd is also being voluntarily wound up but has only have €137 to share out after having a tax bill of €298,787 to pay off.
Previously Louis Walsh, who is now managing Shane, promised to make him a millionaire again.
He said: “He lost all his money but that’s fine. I think he’s got his voice, he’s got his wife, he’s got his health, he’s got his kids, so we’re starting again... Honestly, he’s going to be huge.”
Credit/Source : irishmirror.ie