Diamonds are forever as Shane gets to keep €38,457 wedding ring
WESTLIFE STAR ALSO ALLOWED TO HANG ON TO TWO WATCHES WORTH OVER €15K
Published 15/01/2013 | 10:57
BANKRUPT Shane Filan will not have to pawn his wedding ring to help pay his debts.
The former Westlife singer was allowed keep his €38,457 wedding band after being declared bankrupt last June.
He and his family moved to the Uk in December 2011 and UK insolvency guidelines allow for the keeping of wedding rings.
"Wedding rings generally have little intrinsic financial value tending, as they do, to be simple gold bands."
However, the guidelines also state that where a ring is unusual and has an intrinsic value the official receiver may consider realising the ring and providing a replacement gold band.
In his bankruptcy petition to an English court, Filan described his wedding band as:
"A gentleman's platinum two-row channel set 31.41 carat baguette diamond wedding ring." He put its value as £31,800.39. He also listed having a £6,729 (€8,090) Zenith wristwatch and a £6,198 (€7,452) Breitling Bentley watch.
Minister for Justice Alan Shatter came under fire for refusing to exempt ceremonial jewellery as assets under Ireland's new insolvency law.