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Martine McCutcheon and the celebrities who went bust
Shane Filan
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Westlife singer Shane Filan was declared bankrupt after amassing debts of £18 million.
While his bankruptcy could have lasted as long as 12 years in Ireland, the singer cannily relocated to Surrey last year, meaning it will last just 12 months instead.
Usually when you hear about a celeb going bust, it's as a result of them squandering their fortune on fast cars and pet tigers (more on that later). But father-of-three Filan's demise is far less rock and roll.
Filan looked to capitalise on the massive housing boom in his native Ireland by setting up a property firm, Shafin Developments, with his brother.
Having borrowed millions from Bank of Ireland and Ulster Bank, the company set about developing a massive 90-home estate.
What the Filans hadn't counted on was a devastating collapse in Ireland's property market, as banks stopped lending and house prices plummeted. The result? Just over half of the 90 homes were ever built, many of which were sold for less than the cost of building them.
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262Comments
02/02/2012 17:42
No sympathy for her or any of the other cases you highlight. You generally reap what you sow in this life and if you are so stupid as to earn loads of money and spend it all on an extravagant lifestyle in a world full of hangers on and freeloaders, with no thought for saving any of it and investing wisely for the future, then you get what you deserve. Never cheat the taxman, he'll always catch up with you.
16/02/2012 00:51
I agree with choviani, the vulgarity of the wealth of some is abhorrent. When millions of people are starving and riddled with disease, when parents have to organise charity events just to send their a child for an operation to save their life as they have no money and the NHS wont / or cant do it. I read somewhere that 98% of the worlds wealth is owned by only 2% of the worlds population. it's a sick warped world when you really think about it,. It's sickening that the top end earners in finance and sport have clauses in their contracts that state no one can come into the company/football club and earn more than they do;" LOL" what the hell is that about? arrogant greedy ??????? How many yachts, cars, villas, islands, homes, aeroplanes etc do they need? I don't know; but I think there are a few million kids who would really appreciate a bowl of rice every now and again.
02/02/2012 19:12
The bigger story "Jonny MSN" is that decent folk are completely skint and struggling unlike the bankers and our "beloved" MP's on both sides of the house. I lost my job because of the thieving treachery of the last govt and the self serving treachery of our present govt. These people at the top have treated the common man with absolute contempt for too long, its time for a shift in power - from the haves to the have nots!!!!
What riles me just as much is the false idol worship we give to useless prats, ie those our media calls "Celebrities". We as a nation have worshipped too long at the alter of celebrity. Just seeing the trailer for the National Television Awards makes me want to vomit, why the hell should we applaud people who can act or sing and even some who can't act or sing. What about giving our £1.50 per text vote money to our local homeless shelter or our £1.00 a minute telephone vote money to the person who wants to establish a worthy charity that benefits those affected by child abuse or domestic violence etc...
Sick to death of this fluffy candyfloss hero worship of deluded idiots who believe getting a boob job is something to be proud of. From now on I refuse to speak to anyone who buys Jordans latest perfume or turns up at Peter andres next book signing blah blah blah
As for idiotic tv presenters who squander there wealth, I DON'T GIVE A TOSS !!!!!
02/02/2012 18:27
So... judging by the comments below - which any sane person should totally agree with - what I cannot understand is the menatlity of anyone giving it a thumbs down? What thought process leads you to believe that you should have even a grain of sympathy for these people?
Hmm.. I have lots of money - if I spend it (and indeed by extension spend beyond my means) - than A) it will be all gone B) I will be in debt .... logic would dictate then you should be a little thoughtful about what you spend. And frankly, I'm sorry, but a television personality adds little or no value to my life. My missus is a cardiac nurse, she brings people back from the brink of death on a regular basis, cleans sh1t everyday etc - these people should be paid the millions for the miracles they perform everyday. What a backward world.
02/02/2012 17:50
17/02/2012 06:10
02/02/2012 23:07
we all have bills/tax to pay, so why should they be any different?, the fact that they are rich and have lost touch with reality is probably something to do with it. Do they think they are untouchable, immune to paying bills perhaps? I owed the taxman £100 once and oh boy did he make sure he took it back!! serves em right i say.
02/02/2012 23:56
I really feel sorry for selfish people who are paid vast amounts for very little work. They really don’t know the meaning of work. To crawl along a track stretching under the dash of the latest car fitting fibre optics, my knees never recovered. You just prey for the end of each back breaking ten hour shift. At the end of each week you open your pay packet to find a large part gone in stoppages, and you look in the mirror to see if you have the word ‘Mug’ across your forehead.
These ‘celebrities’ are treated as responsible people and are trusted to put away part of their income to pay their way, why? Everyone should be on P.A.Y.E. or everyone should be ‘trusted’ and pay the income tax when they feel like it.
It’s not fair to have two systems of ‘income’ taxation, it‘s a millionaires charter. People will spend the money, go bankrupt, and won’t give a sh1t about the rest.
Pay As You Earn for all, and before anyone says it can’t be done, they manage it with VAT.
02/02/2012 19:28
14/06/2012 20:06
Bankrupt. Tell us another one.
Going bankrupt does not mean your broke, I know a number of people and companies that have gone bankrupt and the owners start another high flying business within six months.
I bet he is not living in a two up two down house on a council estate.....
Having the debt written off is a great feeling, is it not.
02/02/2012 17:55
02/02/2012 18:34
16/02/2012 13:31
02/02/2012 19:23
14/06/2012 21:04
Shane hasnt gone bust, his COMPANY has gone bust, and trust me with all those financial people behind him he will still come out on top, has he lost his mansion NO that will be in his wifes name, has he put his name on the local housing list NO, he was trying to make loads more on top of what he already had, er I think its called being greedy. He will still have his luxury holidays, very expensive Xmas's, his wife and kids will not suffer, and just look at the earnings for a few tour dates, not bad, Am I glad i never bought another ticket to go and see them to swell his pockets even more.
Let this be a lesson
15/02/2012 05:52
02/02/2012 20:48
What gets forgotten with all these 'celebs' going bankrupt is the people who never got paid for services provided. I don't fret over the Tax man and other preferred creditors, but there are lots of self employed people and small businesses who suffer, often themselves going bankrupt.
The plumber, electrician, gardener and many others finish up having to pay for the greed of these people. In a fair society the small businesses should be paid first rather than the banks and Tax man.
02/02/2012 23:02
02/02/2012 18:36
14/06/2012 13:37
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