I have just read an article in today's Sunday Independent where Westlife's Shane Filan is seeking an "Individual Voluntary Agreement" in England in relation to his property debts which are reportedly in the region of €23 million. Amongst his creditors is Bank of Ireland. The article goes on to state quoting his Manager Louis Walsh that Filan is "set to make millions from the Westlife tour" and that Shanes future is very bright. He has reportedly also a massive solo deal in the pipeline. The article says " It is understood in financial circles that Filan is attempting to keep earnings from the impending Westlife farewell tour out of the current negotiations. Walsh thinks that Filan is "facing up to it doing it (in) a very honourable and honest way. And you have to respect him for that.
I would have thought that giving his earning potential that the honourable and honest way would have been to be making agreements with his Crs to pay them from his supposedly massive future earnings rather than letting the taxpayer here pony up for the shortfall that he is trying to get away with. There are a huge amount of people out there who would love to make agreements like what is being looked for here but the banks would not even given them an interview
I would have thought that giving his earning potential that the honourable and honest way would have been to be making agreements with his Crs to pay them from his supposedly massive future earnings rather than letting the taxpayer here pony up for the shortfall that he is trying to get away with. There are a huge amount of people out there who would love to make agreements like what is being looked for here but the banks would not even given them an interview