He applied for a legal agreement in London this week to pay back creditors over a period of time.
A source said last night: “Shane was desperate to launch himself as a property tycoon when Westlife started to wind down.
“But it has backfired massively. The property company is saddled with millions of debt.
“It’s been disastrous timing for him to invest in property amid a global economic crisis.
“He’s in dire straits.”
The Flying Without Wings star was once said to be worth £25million.
He moved from Sligo, Ireland, to Cobham in Surrey at Christmas with his wife Gillian, 32, and their three children.
His trouble-hit property business Shafin Developments Ltd is based in Ireland.
Shane and two family members are now being pursued by the Bank of Ireland in the Irish High Court over unpaid debts.
The bank was one of several that helped fund Shafin building projects.
One development, a community centre, office units, private clinic, gym, creche and 68 homes in Sligo, Ireland, was due to begin last summer but no work has taken place.
The firm lost £2.2million in 2009 and £2.4million in 2010. It also has £4.1million debts.
Westlife — once managed by X Factor judge Louis Walsh — have a final world tour lined up this year and will then split up.
Shane declined to comment last night.
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