British Pop Stars Declare Bankruptcy

: Chris Lee Law Firm

  Filed under: News

ub40The well-known group UB40 once topped the pop music charts, but now has found themselves in bankruptcy. The current band members have been declared financially insolvent by a Birmingham County Court judge.

Money Troubles

The band has faced major financial issues for several years, which it is speculated to be the reason for frontman Ali Campbell and keyboardist Mickey Virtue leaving the band in 2008. The court gave the go ahead for assets to be seized to resolve debt liabilities along with the approval for creditors to be entitled to part of the royalties earned in the future.

This ruling comes as disappointing news to the remaining band members whose debt issues are, what they report to be, the result of mismanagement from their former management company Dep International Ltd. Not all love is lost during these tough financial times. The band celebrated their first gig by performing at the Birmingham pub earlier this week, the very spot where their first show was played.

 

 

 


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