€50 in Gil­lian’s pocket and credit card debt of €91,000

The Irish Mail on Sunday - - NEWS - By Va­lerie Han­ley va­lerie.han­ley@mailon­sun­day.ie

HER hus­band sold up to 10mil­lion records in the glory days of his boy­band Westlife, and to child­hood sweet­hearts Gil­lian and Shane Fi­lan, it must have felt like the good times would never end.

But the glam­orous blonde was de­clared bank­rupt a few weeks ago and all the mother of three has to her name is €50 cash in her pocket and €162 in the bank. And with debts of €4.3m it would seem the

Most of the money went on prop­erty in the west

Sligo woman’s fi­nan­cial woes won’t be over any time soon. Her strait­ened fi­nan­cial cir­cum­stances are re­vealed in de­tail in bank­ruptcy pa­pers, seen by the Ir­ish Mail on Sun­day.

Ac­cord­ing to a state­ment of af­fairs signed by Gil­lian, she owes €4.6m to a va­ri­ety of banks and fi­nan­cial in­sti­tu­tions. Most of this money, it seems, was given to her by the banks to in­vest in prop­erty in her na­tive Sligo and in Leitrim. How­ever, the big­gest out­stand­ing mort­gage of all is for the tur­reted man­sion she once called home.

Lo­cated just out­side Sligo town, the im­pos­ing stone-cut res­i­dence was val­ued at €10m dur­ing the boom. It sold for €800,000 in 2014, two years af­ter hus­band Shane was de­clared bank­rupt in 2012.

Bank­ruptcy pa­pers filed in Dublin by Gil­lian show that even af­ter its sale, there is still a joint res­i­den­tial mort­gage debt of €3m out­stand­ing on the house. This is on top of credit cards bills of €50,000 and €41,228 to Ul­ster Bank and Bank of Ire­land, as well as a joint loan of €1,088,194, a joint over­draft of €20,071 and a sec­ond joint loan of €23,203. The pa­pers do not spec­ify other names on these debts, but they state Gil­lian is fi­nan­cially de­pen­dent on her hus­band.

Mean­while, the mother of three has a life as­sur­ance pol­icy worth €800,000. This cou­pled with the €50 she has in her pocket, a €162 bank bal­ance, and the pro­ceeds from the pend­ing sale of her prop­erty port­fo­lio means her debts ex­ceed her as­sets by a whop­ping €4.3m.

Ac­cord­ing to the Prop­erty Price Reg­is­ter, a house called St He­len’s at Rosses Point, Sligo, was bought in 2014. Two months later Shane Fi­lan be­came the sole reg­is­tered owner. Ac­cord­ing to land reg­istry records, it ap­pears he bought the home with a mort­gage.

A spokes­woman for the Fi­lans said the cou­ple were in Korea this week­end. When asked about doc­u­ments show­ing that Gil­lian Fi­lan had just €50 cash and €162 in the bank, she said: ‘I don’t have that level of de­tail.’ Of Shane Fi­lan, she said: ‘He’s pay­ing off a mort­gage like ev­ery­one else.’

To­geTher: Gil­lian Fi­lan was de­clared bank­rupt a few weeks ago – six years af­ter hus­band Shane

Solid: In the years af­ter Shane Fi­lan’s Westlife days, left, Shane and Gil­lian sold their Sligo home, above

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