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'King Coal' Declared Bankrupt

Tuesday September 17 2013

Richard Budge Richard Budge

A MINING mogul whose former reign over the UK’s pits earned him the nickname ‘King Coal’ has been declared bankrupt.

Richard Budge, who bought up the bulk of the British Coal industry when it was privatised in the 1990s, had a court order issued against him after a creditor’s petition.

The 66-year-old now faces a probe into any overseas assets that could be sold to pay off undisclosed debts, according to insolvency practitioners Mazars.

A number of businesses linked to Mr Budge have previously hit difficulties, with three going into administration when he was a director.

The businessman, who is chairman of the Coal Industry Social Welfare Organisation, is scheduled to be discharged from bankruptcy on September 3, 2014.

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Reply Posted by Flapper on Tuesday September 17 2013 at 17:46
Who is he trying to fool hes got tens of millions stashed away and everybody knows it.

Reply Posted by Jo on Saturday September 21 2013 at 18:27
How the mighty fall hey.? I am sure he and his spoilt family will be fine.!

Reply Posted by Andy on Saturday September 21 2013 at 18:52
And we r losing a percentage of our pensions

Reply Posted by Jimmy on Sunday September 22 2013 at 14:08
Pony shit. He made an absolute fortune from land reclamation, the real reason he bought the pits for a fraction of their true value. He's got it stashed away and will get away with it as well. His Tory pals will see he never goes near the dole office.

Reply Posted by Mike on Thursday October 10 2013 at 05:19
Budge has been building a nest egg up for himself These include yachts, racehorses, antique books, property developments and - most bizarre of all - a collection of military hardware, including a Scud missile.