The pop star owns Shafin Developments Limited with his brother Finbarr. It was involved in developments in Counties Leitrim and Sligo.
KPMG has been appointed as the receiver behalf of the Ulster Bank.
Westlife is one of the most successful boy bands of the last decade, selling more than 44m records.
In 2010, Westlife made the Irish Sunday Times musicians' rich list for the first time, with an estimated combined fortune of Â£31m.
The band, which also includes Mark Feehily, Kian Egan and Nicky Byrne, shared fifth place with singer Chris de Burgh.
The fifth member of the orginal line-up, Bryan McFadden, left Westlife in 2004 to embark on a solo career.
Last October, the band announced they would split up in 2012.
A final, farewell tour is due to start in Wales on 10 May.
On Thursday, KPMG confirmed that Patrick Horkan has been appointed as the receiver and manager to Mr Filan's company.
KPMG said Shafin Developments Limited's assets include four residential properties and a part developed site at the Hillcrest Development in Dromahair, Co Leitrim.
It added the firm also has "an interest in a site at Carraroe, County Sligo".
A spokeswoman said the move did not apply to Mr Filan's personal assets.
Shafin Developments Limited was established in 2004 and is registered in Mr Filan's home county of Sligo.

The decision comes as some clinicians warned it could put patients at risk.
The unit would carry out complex vascular surgery for potentially life-threatening conditions like abdominal aortic aneurysms.
However, Betsi Cadwaladr University Health Board said this only represented about 20% of its vascular treatments.
The health board insisted the majority of its vascular services would still be carried out at the other hospital sites across north Wales, including Ysbyty Gwynedd in Bangor and Wrexham Maelor Hospital.
"Currently, around 300 complex vascular surgery operations are carried out each year in North Wales - representing about 20% of our vascular activity - and we are committed to continuing the majority of our work at Ysbyty Gwynedd, Ysbyty Glan Clwyd and Wrexham Maelor Hospital," said Dr Evan Moore, the board's executive medical director.
"Units such as these - which provide a hub for major vascular arterial operations - are being created across the UK, and there is strong evidence that such sites improve clinical outcomes and patient safety, whilst attracting the best staff and help to develop the best infrastructure."
Vascular medicine covers a wide range of medical procedures and interventions, from screening for risks of aneurysms - where weakened walls of major blood vessels could burst - to treating varicose veins, stroke prevention and helping ensure dialysis patients can continue their treatment.
But speaking ahead of the announcement, one consultant physician at Ysbyty Gwynedd raised concerns.
"This is an integrated service, and other aspects of what we do here would be threatened - radiology, urology and gastroenterology to name just a few," Dr Mahdi Jibani told BBC Wales.
Ken Jones of the North Wales Kidney Association added: "If this service goes, it will cost lives, there's no two ways about it."
Arfon assembly member Sian Gwenllian said it represented "yet another example of services creeping eastwards".
But Dr Moore argued that far from hitting services at other hospitals in the region, vascular services would benefit from a specialised hub.
"Hubs such as the one we have planned, built on the considerable knowledge, skills and practices already here, would protect connected services at these locations.
"These include outpatient consultations, investigations, diagnostic procedures, varicose vein and day case surgeries. It will also ensure strong support for other services such as accident and emergency, urology surgery and renal therapy."
A property development company belonging to the Westlife singer Shane Filan has been placed in receivership in the Republic of Ireland.
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Health chiefs in north Wales have confirmed plans to site a specialist vascular unit at Glan Clwyd Hospital in Denbighshire.