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Lee Ryan declares bankruptcy

ShowbizBy Sunday World
Lee Ryan declares bankruptcy

Lee Ryan has declared himself bankrupt.

The Blue star - who is currently on tour with the band made up of Anthony Costa, Duncan James and Simon Webbe - has been forced to admit he's unable to pay back his debts and will have all his assets frozen.

According to Mirror online, the 31-year-old singer may also be interviewed by his Official Receiver, who will judge if he is in a position to repay any of the money he owes creditors.

Lee - who has also appeared on 'Celebrity Big Brother' - is the last member of the band to have declared himself bankrupt with Anthony, Duncan and Simon all having done so in the past.

Their company Blueworld Ltd fared little better and was forced to close in May 2013.

It is thought Lee's money troubles have been caused by Capquest Investments Limited, a firm which buys unpaid debts off credit card companies and uses a more "persuasive" method to reclaim it.

It has undoubtedly been a difficult few months for the star as it was also announced the band had been dropped from their record label in April.

The 'All Rise' hitmakers were released from their recording contract with Sony after their fifth studio album 'Colours' only sold 4,000 copies in its first week when it went on sale last month

A source revealed: "Blue had a two-album deal but last week they were informed they'd been dropped after the performance of 'Colours'.

"It's a massive blow for them because it really was their last chance at commercial success.

"It's time for them to accept that their days of releasing hit singles and albums are over. No second single from the album."