One for the money…All File

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Lee Ryan has become the final member of boy band Blue to file for bankruptcy, following reported pressure by a debt collection company.

The singer now joins his pop colleagues in declaring personal insolvency, despite a fruitful pop career which included 15 million record sales and 40 Number Ones across the world.

Bandmate Duncan James filed for bankruptcy in September 2013, as a result of property investments suffering from the repercussions of the recession.  Simon Webbe followed shortly after, whilst Antony Costa got into difficulties when the band first broke up in 2004.

The band had established a company, Blueworld Limited, but this too was unable to pay creditors and entered administration in May 2013.

The financial difficulties of the band members demonstrate the importance of sound financial operations.  A number of arrangements can be put in place to help businesses and individuals that are struggling with money.

If your business is suffering financial difficulty or requires advice with regard to a restructure, call us today on 0800 689 0831.

Pauline Rigby

About Pauline Rigby

Pauline Rigby is Head of the Corporate and Restructuring team at Forbes Solicitors. Pauline’s blogs cover a wide range of corporate issues, specifically areas including company formation, banking, joint ventures and shareholder matters, contractual matters and equity fundraising or investing.
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