Creditors owed $13.3m after collapse of Corey and Prue Ireland’s former trustee company
DEBTS in Corey and Prue Ireland’s collapsed Angus company, CD & PJ Ireland Pty Ltd, have reached a high as a new creditors report is released.
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DEBTS in Corey and Prue Ireland’s collapsed Angus company, CD & PJ Ireland Pty Ltd, have now topped more than $13.3 million.
But the amount of money owed is likely to rise, with at least four creditors yet to detail their claims.
Liquidators Tim Gumbleton and Andrew Bowcher, of RSM Australia Partners in Wagga Wagga, have just sent creditors a report three months after being appointed to wind up CD & PJ Ireland Pty Ltd.
It is their second report since producing an initial report within a few weeks of East Coast Stockfeeds being granted the right in the Supreme Court of NSW on November 14 last year to wind up the company over an unpaid debt of $43,000.
CD & PJ Ireland Pty Ltd was the trustee of the Ireland family trust until November 15, when it was switched to a company owned by Mrs Ireland, IFTT Pty Ltd.
The liquidators’ previous report detailed debts to creditors of $10.5 million.
The latest report has identified assets of $7.2 million, including $1.18 million in a beneficiary account attributed to Mr Ireland and another $1.21 million owned by Mrs Ireland.
But a new debt claim includes one for $1.48 million in the name of the “Gray family settlement”.
Mrs Ireland was the only daughter of former Hardys Wines accountant and company secretary Ian Gray and his wife Janet.
Mr Gumbleton said the finances could not be confirmed as the directors had still not provided a Report on Company Activities and Property, despite requests from the liquidators.
“We have also sought to confirm various aspects of the company’s business, property, affairs and financial circumstances and to recover all books and records of the company/trust from the company’s directors,” he said.
“This has included liaising directly with their legal representative.
“While we have received various books and records and answers to some queries, we do not consider that the directors have wholly complied with our requests in this regard.”
Mr Gumbleton said the liquidators had sought assistance from the Australian Securities and Investments Commission’s Liquidator Assistance Program to finance further investigations.
The liquidators were contemplating court examinations — whereby Mr and Mrs Ireland could be required to answer questions under oath — if they were funded by ASIC.
Mr Gumbleton said the financial records of the company were poor and there were “discrepancies” in the contractual arrangements with various creditors.