Former Westlife member Shane Filan is to end up empty handed from a €2.382 million windfall that is to be shared amongst former Westlife members, shareholders of the band's main entertainment firm, Bluenet Ltd.
This follows the remaining directors of the firm and former band members, Kian Egan, Nicky Byrne and Mark Feehily moving to voluntarily wind up the firm.
Mr Filan is to miss out on his windfall, estimated to be between €476,400 and €595,500, as the monies will go to his bankruptcy trustee. The trustee took ownership of Filan’s Bluenet shares when he declared himself bankrupt in the UK last year following the collapse of his property business.
The Sligo native, who resigned as a director of Bluenet Ltd last year, emerged from his bankruptcy in June.
However, the monies will be very welcome to Kian Egan, Nicky Byrne and Mark Feehily as they deal with life after Westlife.
The band was Ireland’s most successful boy band during their 14-year career, selling 44 million records, including 14 No 1s in the UK and seven chart topping albums.
The voluntary winding up of Bluenet Ltd comes a year after the band’s sell out gigs at Croke Park. Bluenet derived its income from tour revenue – including live musical performance, merchandising, tour fees and recording royalties. Documents lodged with the Companies Office show that Bluenet had €2.86 million in assets including €2.825 million in the bank on June 13th last.
Documents signed by Egan, Byrne and Feehily show the firm owed €280,570 to unsecured creditors along with a tax bill of €43,287.
The directors state that all debts will be paid off within 12 months.
A separate Westlife firm, Blacknight Ltd is also being voluntarily wound up but will have only €137 to share out after paying off a tax bill of €298,787.
The winding up of the firms is being overseen by Limerick based accountants, Livewire Business Management.