Bass Strait no barrier in Ireland's Angus court-appointed receivers sale

OFFERING: Corey Ireland, Ireland's Angus, Kyeamba. Picture: Brett Tindal

OFFERING: Corey Ireland, Ireland's Angus, Kyeamba. Picture: Brett Tindal

ANGUS bulls have been hot property this spring and it would be accurate to say buyers were able to secure a bargain at the court-appointed receivers' auction, Ireland's Angus Spring Bull Sale at Kyeamba.

Bulls sold to a high of $9000 and returned an average of $5289, according to the results on online selling platform AuctionsPlus.

Those in the industry confirmed the bulls looked great and were presented in excellent condition.

Videos on AuctionsPlus clearly showed the condition of the bulls, and the fact they had benefited from a good season.

It was a Tasmanian buyer, Donald Bonney of Tramontana Angus at Gunns Plains, in the north west of the state, who bought the highest-priced lot.

The sale was held on account of breeders Corey and Prue Ireland, of CD and PJ Ireland and auctioneer Michael Glasser of GTSM took the bids with Ray White, Albury settling the accounts.

With starting bids at $4000 some bulls failed to meet the reserve and the clearance was 38 of 46 offered, to return a gross of more than $200,000.

Following civil proceedings in the NSW Supreme Court the sale was conducted at the request of receivers, KPMG Australia, which is acting on behalf of Westpac Banking Corporation.

Westpac is listed in the creditors' report regarding CD and PJ Ireland and prepared by RSM, with a claim of $3,548,293.81, and has a security agreement over 1654 stud and commercial cattle branded IA located at "Ivydell", Kyeamba.

In November last year the entity CD and PJ Ireland was placed into liquidation after successful petitioning in the NSW Supreme Court by East Coast Stockfeeds.

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

According to documents tendered before the court there are more than 450 cattle, including females, that could potentially be sold as part of the liquidation. The sale on Thursday only included bulls.

Meanwhile, Ray White has listed the Kyeamba property called "Ivydell" and spanning some 170.6 hectares for sale with expressions of interest closing on Friday, October, 23, if not sold before.

Civil and criminal matters concerning Mr Ireland and CD and PJ Ireland are currently before the courts.