Westlife singer Shane Filan has gone bankrupt in the UK. The Irish band have sold millions of records but Mr Filan suffered enormous losses in his country’s property crash. He was declared bankrupt at Kingston-upon-Thames County Court and his name placed in the UK insolvency register. The father-of-three is the latest in a steady stream of highly indebted Irish property developers who have filed for bankruptcy in the UK.

Benefits of going Bankrupt in the UK v Ireland

In a statement Filan said he had “worked long and hard” to tackle his debts and was devastated that his problems have come to this conclusion. He filed for bankruptcy in the UK which is less onerous than in the Republic of Ireland. 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.

Mr Filan owns a property company, Shafin Developments Limited, with his brother Finbarr. It was established in 2004 and had been involved in developments in Counties Leitrim and Sligo in the west of Ireland. Last month, the company was placed in receivership.

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Go Bankrupt in the UK if you have debt in Ireland

Anyone from Ireland can walk in the footsteps of Shane Filan and come to the UK to go bankrupt and write off their debt. With the right advice it is a way out of very serious property debt.

To qualify you need to move to England, Wales or Northern Ireland and live here for the greater part of 6 months. You will need to get a UK National Insurance Number and rent somewhere to live although you could live with relatives. You should also open a UK bank account.

Ideally you should wait for 5-6 months before completing your application forms and going to the Court. As long as you have taken the right advice before hand and your forms are completed correctly you will be declared bankrupt on the day. It is advisable to stay living in the UK for the year you are bankrupt but you can travel back to Ireland whenever you want.

Will Bankruptcy in Ireland become any easier?

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 home owners use bankruptcy to escape from negative equity.

Westlife is one of the most successful boy bands of the last decade, selling more than 44m records. Last October, they announced they were splitting up. The band is currently in the middle of a farewell tour and continues to fill major concert venues.