Corey and Prue Ireland to pay $850,000 to 408 Angus over failed cattle deal

NSW Angus breeders Corey and Prue Ireland are required to hand over $850,000 to the Four 0 Eight Angus stud as guarantors on a collapsed cattle deal.

Corey and Prue Ireland have to pay the Four 0 Eight Angus stud at Nambucca at least $800,000 as personal guarantees given on a failed cattle deal.

NSW cattle breeders Corey and Prue Ireland will have to pay at least $850,000 to the Angus stud of the late Australian test cricketer Phillip Hughes after conceding in the Supreme Court they owe the money.

Last Friday, the Irelands did not file a defence against the Supreme Court claim filed by Four 0 Eight Pty Ltd about two months ago and consented to a judgment against them, including court costs.

The matter relates to a deed dating back some years ago and covering the purchase, lease and buyback of 55 female Angus cattle by Four 0 Eight Angus from CD & PJ Ireland Pty Ltd as trustee for the Ireland Family Trust.

The deal was not properly documented until the deed was drawn up and signed by the Irelands in 2016.

Under the deed, Mr and Ms Ireland gave personal guarantees limited to $850,000 if the trust did not perform in relation to the original cattle deal.

The Hughes family’s Four 0 Eight Angus, based at Nambucca, has lodged a claim for about $2.8 million with the liquidators of CD & PJ Ireland over the failed deal.

The stud is also participating in separate NSW Supreme Court action taken by Westpac relating to cattle held on the Irelands’ property at Kyeamba, south of Wagga Wagga.

According to documents filed with the Australian Securities and Investments Commission by the liquidators of CD & PJ Ireland Pty Ltd, Westpac is owed about $3.5 million for loans to the Ireland Family Trust for cattle and equipment.

The Ireland Angus empire collapsed last November with debts of more than $10 million.

Mr Ireland was charged by NSW Police Rural Crime Prevention Unit with eight counts of fraud in April.

A hearing is scheduled in the Wagga Wagga courts later this month.

NSW Police indicated in April other parties might be charged.

The Weekly Times is not suggesting Ms Ireland will be charged with offences.

Mr and Ms Ireland were not in court last week to defend the claim by the Four 0 Eight Angus Stud.

Ms Ireland lives in Adelaide, while Mr Ireland remains on the family property, Ivydell, at Kyeamba.

The lawyer acting for Corey and Prue Ireland did not comment.

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