A receiver has been appointed to a property development company jointly owned by Westlife star Shane Filan and his brother Finbarr.

Receiver Patrick Horkan of KPMG was appointed to Shafin Developments Limited by Ulster Bank in recent days.

The company had borrowed from Ulster Bank to finance a number of developments in Leitrim and Sligo.

Speculation as to the extent of the company's debts has ranged from €4m-€20m.

The company was set up by the Filan brothers in 2004 and its projects included a housing estate in Dromahair, Co Leitrim.

However, a number of other development plans, including a nursing home in Sligo and a supermarket in Dromahair, did not go ahead.

Late last year Mr Filan moved to Surrey in England with his wife Gillian and their children.

Since then he has applied for an interim order for an Individual Voluntary Arrangement which could help him to avoid bankruptcy.

He will begin a farewell tour with his Westlife colleagues this month.

Over their 14 years together the boyband, made up of Mr Filan, Mark Feehily and Kian Egan from Sligo and Nicky Byrne from Dublin, have had 26 top ten hits and sold over 44 million albums worldwide.