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.
