Receivers appointed to Shane Filan’s property company Shafin Developments Ltd

Receivers have been appointed to Shane Filan’s property company, Shafin Developments Ltd, which he runs with his brother Finbarr.

Receivers have been appointed to Shane Filan’s property company, Shafin Developments Ltd, which he runs with his brother Finbarr.

The company has been taken into receivership with bank debts of €5.5m. Ulster Bank appointed Galway-based accountant Patrick Horkan to take control of the company last week.

He has taken over assets including four residential properties and a partly developed site at Dromahair, in Co Leitrim, as well as a share of a site in Carraroe, Co Sligo.

Shafin Development Ltd began a 90-unit housing estate in Dromahair a number of years ago. To date approximately 60 units have been completed.

Bank of Ireland is reportedly Shafin’s biggest creditor but Ulster Bank is also owed a substantial amount.

Shane moved his family to the UK prior to Christmas and is currently seeking protection from the British courts to secure a five-year repayment plan to placate the Bank of Ireland (BoI) and Ulster Bank (UB).