UB40 Declares Bankruptcy

British reggae act will have assets seized to pay down debt

JOSEPH BARRAK/AFP/Getty Images
Britain's UB40 performs
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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.

Photos: Random Notes
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.