I didn't want to be a solo Westlife - covers and ballads - and the reason I signed with Capitol Records was because they wanted me to write songs myself. It was pretty scary, but they put me in a studio in Nashville with some new songwriters, and the results were pretty good.

When I had money, I felt pressure, whether it was to invest it or do good with it, and I couldn't let it fizzle out. It was like I needed to prove to myself that I could look after it, only I did the opposite, but you have to take a chance in life.

I have worked long and hard to try to reduce my debts, and I am devastated that it came to this conclusion. I now intend to focus on the remaining dates of the Westlife tour and my commitments to the band before looking to rebuild a future for my wife, my three children and myself.

When I finished Westlife, we had - Louie Walsh is still managing me - I was lucky to have options from different labels such as Sony and Universal. When we met Capitol and Nick Raphael, I just believed in them the most, and it looked like they believed in me the most.

Together with a team of financial and legal experts I have spent months exploring all possible alternatives to bankruptcy but to no avail.

If I'm honest, I thought Westlife would keep going for longer than it did - we all did - but it sort of came to a natural end. When we decided we were going to split, I thought, 'If I'm going to sing, I'm going to have to do it solo.' Also, financially I was broke, so the decision was ultimately made for me.

You're only as good as your last album.