Shane Filan has said he is "devastated" that he has been declared bankrupt.
It is reported Shane Filan, who is touring with Westlife one last time, has debts of £18million.
[Related article: Westlife announce UK tour]
Dad-of-three Shane Filan told the Mirror: "Together with a team of financial and legal experts I have spent months exploring all possible alternatives to bankruptcy but to no avail. I have worked long and hard to try to reduce my debts, and I am devastated that it came to this conclusion.
"I now intend to focus on the remaining dates of the Westlife tour and my commitments to the band before looking to rebuild a future for my wife, my three children and myself."
Shane Filan set up Shafin Developments with his brother Finbarr and borrowed millions from Bank of Ireland and Ulster Bank to construct a 90-home estate in Dromahair, Co Leitrim.
Just 50 homes were built and many were sold for less than cost price.
[Related article: Westlife are splitting up]
Shane Filan has sold his Aston Martin for £322,000 and is said to earn £4million from Westlife tour.
After Westlife's farewell shows in Dublin next week, Shane Filan will launch a solo career with the help of Louis Walsh.
Louis Walsh said: "Shane is going to have a massive career after Westlife. He's going to have a great solo career and make millions. He'll start all over again and remake the riches in no time at all.
"He had no money when he started off before Westlife, and now he'll make it all back when he becomes a massive star."