Ivydell: Three creditors lodge claims over Irelands’ Riverina farm
Three creditors have lodged claims over Corey and Prue Ireland’s Riverina farm Ivydell in a bid to protect debts claims.
THREE parties have lodged claims over the Ivydell property at Kyeamba in the NSW Riverina personally owned by Corey and Prue Ireland.
A NSW Land Registry Services title search shows both Rabobank subsidiary De Lage Landen and Holstons Pastoral Company principal Peter August have placed caveats over the farm, but only in relation to the share held by Mr Ireland.
The title search also showed Westpac has a mortgage over the farm and appeared to have first rights to any deal over the property.
An initial report by the liquidators of CD & PJ Ireland Pty Ltd, the former trustee of the Ireland family trust, indicated Holstons Pastoral Company also registered a caveat over a residential property in Sydney owned by the trust.
The Sydney property, a unit in Edgecliff, was estimated by the liquidators to be worth $1.775 million.
But their interim report also said the Commonwealth Bank held a mortgage of $1.699 million over the property, leaving the Irelands’ equity in the unit at just $76,000.
Holstons Pastoral Company has registered a debt claim of $1,469,435 with the liquidators of CD & PJ Ireland.
Mr Ireland disputed Holstons’ debt claim.
But documents seen by The Weekly Times, show Mr Ireland and Mr August agreed to a “debt acknowledgment” in June 2018, agreeing CD & PJ Ireland owed Mr August $1,469,435 for a number of individual and joint cattle deals.
The acknowledgment, signed by Mr Ireland and Mr August, required Mr Ireland to mortgage property in Mr August’s favour.
Under the deal, Mr Ireland agreed to pay funds to Holstons Pastoral Company on October 20, 2018.
He also agreed not to appoint a new trustee to the Ireland family trust.
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But Australian Securities and Investments Commission documents show a company called IFTT Pty Ltd was set up 13 months later.
It became the new trustee of the Ireland family trust on November 15, a day after the previous trustee, CD & PJ Ireland Pty Ltd, was placed in liquidation.
The liquidators’ interim report shows Westpac was owed about $3.5 million by CD & PJ Ireland.
Mr Ireland told The Weekly Times Westpac’s mortgage over Ivydell was taken out about five years ago as part of a refinancing arrangement and was not related to the dispute with Mr August.
Westpac took IFTT Pty Ltd to court on December 24 to appoint a receiver to 1654 cattle and embryos it had lien over through a registration under the Personal Property Security Register.
Westpac has two matters against Mr Ireland to be heard in the Supreme Court on Friday and next Tuesday.
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