Angus breeders Corey and Prue Ireland’s criminal court hearing adjourned for a week

Former Angus cattle breeders Corey and Prue Ireland are facing criminal charges. See the latest.

Corey and Prue Ireland’s criminal case in the Sutherland Local Court in NSW over failiing to hand over the books to a liquidator has been adjourned until next week.

Criminal proceedings against former Angus cattle breeders Corey and Prue Ireland in the Sutherland Local Court in NSW have been adjourned to next week.

The Australian Securities and Investments Commission charged the Irelands last year for allegedly failing to deliver books to the liquidator when their company, CD & PJ Ireland Pty Limited, was place in liquidation on November 14, 2019.

CD & PJ Ireland was the trustee for the Ireland family trust until November 14, 2019, after which another company IFTT Pty Ltd was established the following day to become trustee for the Irelands Angus operation at Kyeamba, south of Wagga Wagga.

The trust company’s major assets were hundreds of Angus cattle.

A number of creditors were owed about $10 million when CD & PJ Ireland collapsed, including Westpac Bank, which held a $3.5 million security over 1654 stud and commercial cattle.

A hearing in the Sutherland Local Court before Magistrate Phillip Stewart yesterday was adjourned for another mention on December 10.

Under the Corporations Act, it is an offence for company officers not to hand over the books of a company to a liquidator after the business is wound up, with maximum penalties of $11,100 and/or one year’s jail if the defendants were ­convicted.

Ms Ireland told The Weekly Times in January last year the books were handed over to liquidators Andrew Bowcher and Tim Gumbleton, of RSM Australia Partners, in 2019.

Mr Ireland is facing 13 other criminal charges in the Wagga Wagga Local Court for alledgedly selling cattle that either did not exist, were deceased or had been on-sold without investors’ knowledge.

That case is expected to be heard next year.

On December 24, 2019, Westpac took IFTT Pty Ltd to the Supreme Court to claim ownership of the cattle on the Ireland’s Ivydell property at Kyeamba.

But a number of other parties claimed ownership of the cattle and the case has dragged on for nearly two years.

The next hearing is schedule to be heard in the Supreme Court in Sydney, on December 17.