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.
A property development company belonging to the Westlife singer Shane Filan has been placed in receivership in the Republic of Ireland.