Westpac takes Riverina cattle farmer to court

Corey Ireland

Corey Ireland

WESTPAC Banking Corporation is taking the entity IFTT Pty Ltd - the Ireland Family Trust - to the NSW Supreme Court on Friday, January 24.

The Rural has reported on the liquidation of CD & PJ Ireland and according to the Australian Securities and Investments Commission, IFTT was established on November 15 last year.

This was the day after CD & PJ Ireland was placed in liquidation after successful petitioning in the NSW Supreme Court by creditor East Coast Stockfeeds Pty Ltd.

According to a preliminary document prepared by RSM Australia Partners during the liquidation of CD & PJ Ireland, it was stated that Westpac Bank had monetary interests of $3.5 million.

Westpac has appointed KPMG as liquidators.

Subsequently the bank had an interest in some 1654 stud and commercial cattle, branded IA, located at "Ivydell", Kyeamba.

The Rural sought comment from Westpac regarding the action and another court listing on January 28 requesting the return of a subpoena.

Westpac said it was unable to comment on the matter while it was before the court.

Meanwhile, a NSW Land Registry Services title search shows Westpac holds a mortgage over "Ivydell", which is home to Ireland's Angus Stud and the location for on-property bull sales and open days to facilitate the promotion of a stud cattle breeding operation.

The title also shows that a Victorian creditor, who is also listed in RSM's initial report, plus De Lage Landen, both hold caveats over the property "as regards the interests of Corey Dean Ireland".

Mr Ireland was unavailable for comment when contacted by The Rural on Wednesday.