Corey and Prue Ireland gave Westpac Bank no personal guarantees on farmland

A Supreme Court case over the Irelands Angus collapse is throwing up some interesting developments. See here for the latest.

The Irelands’ 171ha property Ivydell has been sold for about $4.2 million.

CREDITORS of Corey and Prue Ireland’s failed Angus cattle breeding business are eyeing off the $4.2 million proceeds from the sale of their Ivydell property at Kyeamba south of Wagga Wagga.

In a hearing before NSW Supreme Court Justice John Sackar last week, Westpac Bank’s legal team Holmes said the Irelands gave no personal guarantees on the Ivydell property when they refinanced the Ireland Family Trust, which ran their Angus business through a trustee company, in October, 2014.

Westpac’s barrister Elisa Holmes told the court the bank advanced funds to the Ireland Family Trust by taking security over 1654 cattle through a specific security agreement and a general security agreement.

But she admitted the bank had no evidence of whether 1654 cattle existed nor the identification of any that did.

The bank also placed a mortgage over Ivydell at the time of signing the finance agreement.

Caveats were later placed over the property by Melbourne cattle investor Peter August and Rabobank subsidiary De Lage Landen.

The Weekly Times understands each was seeking access to property sale proceeds through separate legal processes.

Westpac senior accountant Stephen Krise earlier told the court Ivydell was sold — believed to be for $4.2 million — and the proceeds were sitting in a bank account in the names of Mr and Ms Ireland.

Peter Bruckner, barrister for Wagga Wagga farm owners Kerry and Cynthia Podmore, sought to argue Westpac had no entitlement to the property proceeds because it personally belonged to the Irelands and the bank had struck the finance deal with the Ireland Family Trust trustee.

The Podmores were one of a number of parties claiming ownership of Irelands Angus cattle.

Mr Bruckner will continue his arguments when the case resumes at a yet-to-be-determined date.

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