Creditors meet over Westlife singer Shane Filan's bankruptcyTuesday 22 January 2013 22.12
Creditors owed money by Westlife singer Shane Filan met in Dublin today to elect a committee of creditors to oversee his bankruptcy process.
The performer was declared bankrupt in the UK last June, owing €23m.
The bankruptcy proceedings followed the collapse of a property business that he owned with his brother Finbarr.
The brothers borrowed millions of euro for development projects just before the Irish property market crashed.
Today, creditors of Shane Filan's met for around two hours in the Dublin offices of Grant Thornton.
Such meetings are required under British insolvency rules.
While the singer will lose most of his assets, the fact that he filed for bankruptcy in London means he will emerge from the process after 12 months.
He has also been allowed to keep a €38,000 wedding ring.