Star in legal battle over £4m property debt

Star in legal battle over £4m property debt

A chart-topping star turned property tycoon is facing a legal battle relating to the alleged £4 million debts of his property firm, Shafin Developments Ltd, according to a report by OK! Magazine.
The Ireland-based firm is owned by one of the singers in boyband Westlife, Shane Filan, along with two other family members, who have applied for a legal agreement in London this week to repay creditors over a period of time, the title further reported. 
According to reports in The Sun, Mr Filan, 32, was once worth £25 million but now is being pursued by lenders who funded the Shafin developments, including the Bank of Ireland and Irish High Court, over the multi-million pound debts. 
Since 2009, the firm has been losing money and a source told The Sun that: "Shane was desperate to launch himself as a property tycoon when Westlife started to wind down. 
"But it has backfired massively. The property company is saddled with millions of debt. It's been disastrous timing for him to invest in property amid a global economic crisis. He's in dire straits."