strange how the AB system gives a capital letter to every word in the question title except the one that should have it.
But I digress. It sounds as if the problem wasn't so much lavish lifestyles as making bad investments. Perhaps they made these of their own accord; more likely they were ill advised.
I once worked for an employer who had three different businesses and the one I worked for became insolvent. I didn't get my pay and one girl was promised she would get paid if she stayed on to finish the work being done. She didn't get paid either so it isn't always the big boys that get stung on insolvency and bankruptcy.
However as for the band members - i have no sympathy at all .
They were in a privilege situation , where 99 % of the population will never be .
//Lee Ryan, who reportedly once had a £10 million fortune ..//
Well unless he was given bad financial advice then - that's life - well i suspect it didn't have to be ,in their cases .