Bunhill

HOW the mighty fall. It might happen to Robert Montague but it already has happened to Martyn Deaner, the former chairman of Midland & Scottish Resources.

Deaner resigned from the board of Midland & Scottish on 13 September 'due to claims for repayment made against him by lenders' said the company.

Sadly, Deaner, 49, was made bankrupt at Reading Crown Court on 9 September in the sum of pounds 550,931. The petitioner was Den Norske Bank.

Only three years ago, as head of Midland & Scottish Resources, he was worth some pounds 77m. In 1989, shares in Midland & Scottish were the best performing on the market, rising by more than 1,400 per cent on the year.

But now, from a high of more than pounds 2, the shares languish at 3p.

Deaner, a former North Sea diver, became one of the biggest off-shore oil operators. As the North sea boomed, Deaner's other company, Global Diving Services, boomed in harmony.

A lifelong Birmingham City football fan, he once tried to buy the club, saying at the time: 'I know money doesn't buy success in soccer, and there wouldn't be any return on the investment, but I'd still love to give City a new chance.'

That now looks unlikely.

It would appear that the problems began when the company got into a spate of litigation with the Davy Corporation over the construction of an off-shore oil rig.

But creditors will be pleased to note that Deaner will remain available to the company on a consultancy basis, for which he will, presumably, be remunerated. Start forming a queue, please.