Westlife singer Shane Filan's property development company Shafin Developments was left flying without wings after it was today taken into receivership, leaving debts of nearly E5m.
Ulster Bank has appointed Patrick Horkan of KPMG as receiver and manager to the company which is jointly owned by the singer and his brother Finbarr.
The company, which was set up with family members, was meant to provide a financial fall-back for the singer following the news that his chart-topping band are to split for good next year.
The company was said to be planning to build a development, community centre, office units, private clinic, gym, creche and 68 homes in counties Leitrim and Sligo but the projects remain unfinished.
The company's assets include four residential properties and a partly-developed site at Dromahair, Co Leitrim. The company also has an interest in a site at Carraroe, Co Sligo.
Bank of Ireland is also pursuing the Filans for debt and was given permission by the High Court in April to fast-track the case.
According to reports, the 32-year-old singer and his wife Gillian have moved to England where he is in the process of entering Individual Voluntary Arrangement.