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EXCLUSIVE: “King Coal” declared bankrupt 4 September 2013

One of the UK coal industry’s most prominent figures of the 1990s, Richard Budge, has been declared bankrupt.

Insolvency News can exclusively reveal that 66-year-old Budge was declared bankrupt in Lincoln County Court on 2 September following a creditor’s petition.

Budge, chairman of The Coal Industry Social Welfare Organisations, and former head of several coal industry firms, made his name following the UK industry’s widespread privatisation.

Paul Rouse, head of national creditor services at Mazars said: “I can confirm that Guy Hollander and Ed Thomas of this firm were appointed as joint Trustees by the Secretary of State on 3 September 2013.

“Clearly Budge is a very experienced businessman and has been very successful in the past within the coal industry.

“There are various aspects of the case that will require investigation; however, we are currently waiting on the full handover of documentation from the Official Receiver in Nottingham.”

Budge, known as “King Coal” after buying up UK mines following privatisation through RJB Mining, has been head of three mining companies that have entered insolvency proceedings – Coal Power in 2003, Directional Drilling in 2005 and Powerfuel in 2010.

He also resigned as a director of family-run company AF Budge 10 months before it entered insolvency in 1992, and walked away from the board of Sheffield Airport Ltd six months before it was compulsorily wound up in 1993.

Budge went on to acquire Hatfield Colliery through Coal Power in 2002, but this went into administration in 2003.

Budge, who currently resides at an eight-bedroom address in Nottinghamshire, is scheduled to be discharged from bankruptcy on 3 September 2014.

 

 

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