UB40,the British Reggae band, formed in 1978 by seven unemployed friends, having to their credit such big hits as ‘Red Red Wine’, which topped the charts in 1983 and who enjoyed two huge number one albums in the UK – Labour of Love in 1983 and 1993’s Promises and Lies, have gone broke.
Sax player Brian Travers, drummer Jimmy Brown, Trumpeter Terence Oswald and Norman Hassan were found to be in debts owing to £750,000.
Marks Sands the spokesman for RSM Tenon the firm handling the bankruptcy had said the recovery process will start after assessing their properties.
Mr Sands confirmed the debt was owed to the taxman and the creditors of the band’s company, DEP International which is already out of work.
He added that the band members may have nothing or they might have around or £100,000 to pay in cash then the extreme action of selling their homes will not happen.
He also allayed the fears of the fans, which fear the bankruptcy proceedings will stop the group from performing, that the group will not play anymore.
He said that they would assess the earnings of the group over the years and see if that could clear their debt. He said he wondered like all others how the group had ended up losing all their money nobody had a clue where it went he added.
He concluded that he had an idea but would not be able to confirm it till he was certain.