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Brittish Pop Sensation UB40 Files Bankruptcy
According to an article in Rolling Stone - British reggae pop stars UB40
have declared bankruptcy. A judge in Birmingham County has ruled that
the band's assets can be seized in order to help pay off their debts,
which were largely accumulated by their former management company Dep
International Ltd., which went into insolvent liquidation back in 2008.
Liquidators are now entitled to the band's royalty payments for their
back catalog, including their hit recordings of Neil Diamond's "Red Red
Wine" and Elvis Presley's "(I Can't Help) Falling In Love With You."
To make matters worse, the group must also pay the costs of their case,
which is estimated to be around $88,000.
UB40 have faced major financial issues for many years now. Frontman Ali
Campbell left the band in 2008 along with keyboardist Mickey Virtue as
a result of money issues.
Click Here to read the entire article from Rolling Stone.
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