Troubled times hit Ireland's Angus Stud

Irelands Angus Stud releases statement to clients

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Cattle operation releases a statement to clients about the state of operations.

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MESSAGE TO CLIENTS: Principal of Ireland's Angus Stud, Corey Ireland, releases a statement to clients.

MESSAGE TO CLIENTS: Principal of Ireland's Angus Stud, Corey Ireland, releases a statement to clients.

WHAT started as a windup order from a stock feed company in the NSW Supreme Court is fast developing into troubled times for one of Australia's best known Angus studs.

In November last year, CD and PJ Ireland Pty Ltd was placed in liquidation after creditor East Coast Stockfeeds successfully petitioned the NSW Supreme Court.

CD and PJ Ireland was the trustee for the Ireland Family Trust, which traded as Ireland's Angus Stud.

RSM Australia's Tim Gumbleton and Andrew Bowcher were appointed as administrators and an initial creditors' list reads like a who's who of financial institutions, pastoral houses and members of the rural sector.

However, resulting publicity from the liquidation has prompted the principals of Ireland's Angus Stud, Corey and Prue Ireland, to release a letter to clients.

"As you may have seen, there have been a number of recent media reports regarding our family and our business and we feel it is important for us to now comment," the letter, which The Rural has seen, reads (The Rural is published by Australian Community Media, also the publisher of The Land).

"We have been proud members of the Angus breeding sector since 1984, when we established Ireland's Angus.

"We have also been proud Wagga community members since 2004 when we moved the Ireland's Angus Stud operation to "Ivydell", in Book Book where we could continue the successful genetic breeding that we'd built over two decades. It is also a home for our family."

The letter goes on to say that like many operations, it had battled to retain breeding stock during the drought and numbers had been reduced in the past couple of years.

"Further to stock reductions, within the last six months, we have also had to forego two leased properties," the letter reads.

"Our focus now is our property "Ivydell" where like many others we have introduced containment feeding as it is the most efficient and economical means of maintaining as many head of cattle as possible on limited acreage.

"We are also utilising agistment for the care of our remaining cattle.

"To the many clients and friends who have reached out to us, we thank you for your support and kindness at this extremely trying time."

The Rural spoke to Corey Ireland, however, he declined to comment, except to welcome the recent result in the Supreme Court regarding a genetics case which was won on appeal.

A decision ordering Ireland's Angus to pay more than $200,000 after a sale catalogue error representing the parentage of a stud bull was overturned by the NSW Court of Appeal.

At a sale in 2015, the bull named K34 was sold to Bongongo Angus Stud for a reported $28,000.

The sire, in the sale catalogue was Granite Ridge Thomas, however, subsequent DNA testing revealed this was not the case.

On appeal the judge took into account the disclaimer in the auction catalogue and also considered whether conduct had been misleading.

The Court of Appeal found that the conduct had not been misleading or deceptive.

Meanwhile, Westpac Banking Corporation is taking IFTT Pty Ltd - the Ireland Family Trust - to the NSW Supreme Court in Sydney on January 24.

According to information forwarded to creditors regarding the liquidation of CD and PJ Ireland, Westpac is listed as a secured creditor and surety is believed to include some 1654 head of stud and commercial Angus cattle brand IA located at "Ivydell".

Westpac also has other claims of equipment listed in the report.

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