Federal Circuit Court makes NSW Angus cattle breeder Corey Ireland bankrupt

Prominent NSW Angus cattle breeder Corey Ireland has been made bankrupt following a Federal Circuit Court hearing. Full details here.

Prominent NSW Angus cattle breeder Corey Dean Ireland has been made bankrupt.

Federal Circuit Court registrar Thomas Morgan this morning plunged Mr Ireland into bankruptcy after being petitioned by Rabobank Australia subsidiary De Lage Landen over non-payment of a $271,000 debt related to his Irelands Angus operation at Kyeamba, south of Wagga Wagga.

According to the petition lodged with the court, DLL already won a judgment of $271,157.22 against Mr Ireland in the District Court of NSW on December 23, 2019.

But Mr Ireland did not pay DLL, so the lending firm escalated the matter by serving him with a bankruptcy notice before the Federal Circuit Court to seek the funds owed plus interest.

The interest owed was $3281.36 as at April 30, 2020 but The Weekly Times has been told it was substantially more now.

DLL’s barrister Francois Salama told the court the petition was to expire on March 3 and his client would be prejudiced if a judgment was not made by today.

Neither Mr Ireland nor his lawyers attended the court today to make further submissions.

The matter had already been adjourned 13 times prior to this morning’s hearing.

Mr Morgan said Mr Ireland’s lawyers opposed the bankruptcy petition, contending that the respondent’s assets were held by Westpac Bank and its receivers as part of other legal action and “the ability to pay the applicant (DLL) to date has been taken out of his hands by the Westpac proceedings”.

Mr Morgan said Mr Ireland contended he had “more than sufficient funds to pay the amounts claimed”.

But the registrar said he was not persuaded by Mr Ireland’s contentions without further substantial evidence the former cattle breeder was solvent.

The bankruptcy came into effect today and was normally for three years, but could be extended to eight years.

Mr Ireland is able to ask for a review of the bankruptcy by a single judge.

Mr Salama did not wish to comment to The Weekly Times on today’s outcome.

In November, 2019, DLL engaged Ruralco to confiscate 43 Irelands Angus cattle from Mr Ireland’s Ivydell property at Kyeamba to repay the debt owed to the lender.

The cattle were taken to saleyards at Barnawatha for sale but disappeared overnight, prompting a police investigation.

DLL later began legal proceedings to recoup the funds lent to Mr Ireland.

In a petition to the Federal Circuit Court, DLL said it held security over Mr Ireland’s Ivydell farm at Kyeamba south of Wagga Wagga, which was sold in December, 2020.

Westpac Bank admitted in a separate court case the funds were being held by the bank in the names of Mr Ireland and his wife Prudence.

It is believed the funds amounted to about $4.2 million.

But Victorian cattle breeder Peter August also had a caveat over the farm and laid claim to the funds.

Mr August is suing Mr Ireland for $1.47 million in the Victorian County Court after Mr Ireland agreed to pay a debt in June, 2018, owed by the Irelands’ trust company CD & PJ Ireland Pty Ltd but later reneged on the deal.

Mr Ireland now disputes the debt.

The Federal Circuit Court petition said DLL also held an interest in 100 Angus heifers which were not in the lender’s possession and were regarded as worthless.

Mr Ireland is also facing a number of other court proceedings.

These include 13 fraud charges in the Wagga Wagga Local Court and separate joint proceedings in the Sydney Downing Centre Local Court with Ms Ireland over the failure to present their company’s books to liquidators.

Corey Ireland with his wife Prue.

The Director of Public Prosecutions is running the case against Mr Ireland on deceptive conduct in the Wagga Wagga court, with it scheduled for a short mention in court next Wednesday.

The Australian Securities and Investments Commission has brought proceedings in the Sydney Local Court against Mr and Ms Ireland.

The next hearing in that case is scheduled for June 28 for another mention.

Ms Ireland told The Weekly Times in March last year she had “done nothing wrong”.