Ozzy Osbourne's son declares bankruptcy

Ozzy Osbourne's eldest son, Louis, has filed for bankruptcy, three months after starting his own record label.

According to papers filed with the Birmingham County Court, both he and his wife Louise were declared bankrupt on September 25. It is not known how much they were in debt, or who their creditors were. According to the Birmingham Mail, Osbourne, 38, is believed to got into financial difficulties after investing in the Irish property market.

Osbourne, whose mother Thelma Riley was married to his father Ozzy for nearly 10 years, lives with his wife in a modest semi-detached house in Harborne in Birmingham. He founded All Night Records in July, described as having the "feel of an underground 90s Chicago house label", and was previously a DJ in Ibiza. He has also lived in the US, but returned to be nearer his wife's family.

Black Sabbath singer Ozzy and his wife Sharon are reportedly worth more than £100 million, with houses in Beverly Hills and Buckinghamshire. Ozzy's band, Black Sabbath, has recently finished the Latin American leg of a world tour, and is shortly to play the European leg, which will finish in December with two shows in Birmingham. Sharon, meanwhile, has returned to X Factor in a £1.8 million deal.

Celebrities become bankrupt surprisingly often: indeed, model and television personality Calum Best filed for bankruptcy earlier this month, saying he'd been unable to pay his tax bill.

One of the best-known examples is Kerry Katona, who has even done it twice. After first filing for bankruptcy in 2008, she managed to build her work up again with, amongst other things, a television ad for loans company Cash Lady. However, this summer she went bankrupt again.

"I took any job I could to stop it happening," she told Eamonn Holmes and Ruth Langford on This Morning. "It's not an easy option going into bankruptcy."

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