Corey and Blake Ireland benefit from Ireland family trust receivership

The Ireland Family Trust has been in receivership for two and a half years. See who the beneficiaries are.

Irelands Angus collapsed in late 2019 with debts of more than $13.3 million.

Some of the biggest beneficiaries of the collapse of the failed Irelands Angus breeding operation in NSW have been the extended Ireland family itself and its connections.

Reports lodged with the Australian Securities and Investments Commission by the receivers of the Ireland family trust company, IFTT Pty Ltd, show Corey Ireland was paid $51,200 for five months’ work during 2020.

On top of that, Mr Ireland was paid $2200 by receivers Will Colwell and Morgan Kelly, of KPMG, for electricity and $320 as an “auction expense” in December that year, when the Irelands Angus cattle were offered for sale.

Mr Colwell and Mr Kelly were appointed receivers by the Supreme Court of NSW following an application by Westpac Bank on December 24, 2019.

Westpac placed IFTT in liquidation a bid to recoup about $3.5 million it was owed in loans to Corey and Prue Ireland for their Kyeamba property, Ivydell, after putting 1654 commercial and stud Angus cattle up as collateral.

Westpac lent Corey and Prue Ireland about $3.5 million using 1654 cattle as collateral but had no evidence all the cattle actually existed.

Westpac later admitted in court it had no evidence all the cattle existed.

Only 440 cattle were later found at Ivydell and a number of parties disputed ownership with Westpac.

Sources told The Weekly Times that during the protracted court case, Mr Ireland took legal action against the receivers, arguing that he was underpaid.

Mr Ireland also shows up on the other side of the receivers’ ledger, paying $1100 for cattle on November 4, 2020.

That was despite Rabobank subsidiary De Lage Landen taking bankruptcy proceedings against Mr Ireland on February 28 that year over $274,000 in unpaid debts.

DLL successfully placed Mr Ireland into bankruptcy on February 18, this year, after Mr Ireland failed to repay the lender.

The Irelands Angus business collapsed on November 14, 2019, with debts believed to be more than $13.3 million.

Documents lodged with ASIC by Mr Colwell and Mr Kelly show Mr Ireland’s nephew Blake Ireland earned more than $42,000 in wages as a subcontractor from May through to December, 2020.

On top of that, Blake Ireland was paid nearly $5500 in a fuel allowance, $1120 in a phone allowance and reimbursement of $5335 for animal supplies during the same period.

Blake Ireland (left) with uncle and aunt Corey and Prue Ireland.

In September, 2020, he and girlfriend Katie Peeck set up KB Pastoral Company to run the newly-formed KB Angus stud.

KB Pastoral Company was paid $860 by the receivers as a subcontractor in January last year.

On December 16 last year, KB Pastoral paid $33,000 for 176 Irelands Angus embryos and 4099 semen straws, which were scheduled to be auctioned through AuctionsPlus the following day.

The auction was cancelled within 24 hours of its scheduled start.

A cattle stud source said $33,000 would be below the cost of producing the embryos and semen straws.

In a report by the administrator of the previous trustee of the Ireland Family Trust, CD & PJ Ireland Pty Ltd, 4000 semen straws and 231 stud Angus embryos were estimated to be worth $437,200.

Ms Peeck admitted the genetics were a bargain because of all of the bad press the Irelands Angus had received.

“They’re excellent genetics,” she said.

“The whole thing (Irelands Angus) has been dragged through the mud a fair bit and I was wanting to secure those genetics.”

The Weekly Times is not suggesting there is anything untoward in those deals, nor Blake Ireland being paid as a subcontractor.

The receivers’ report shows Ms Peeck’s grandparents Len and Ethel Peeck paid $8800 for Irelands Angus cattle in May, 2020.

The Peecks run a cattle feeding facility near the Wagga Wagga saleyards.

They were paid more than $2700 for agistment and feed supplies during 2020 by the receivers.

The receivers’ reports show sale of the Irelands Angus cattle netted $2.6 million.

Details of most of the buyers were not listed but the Peeck family and Macka’s Australian Black Angus Beef were both buyers.

Mr Ireland now works for Macka’s at Salt Ash, northeast of Newcastle.

The 2021 receivers’ report shows Westpac was paid $455,000 out of the proceeds of the administration.

The receivers are expected to wind up the receivership soon.

KPMG declined to comment.

Westpac Bank did not respond to questions by The Weekly Times’ deadline.