The sale of 38 bulls bred by an Angus breeder has barely made a dent in the $13 million the company reportedly owes to creditors.
CD and PJ Ireland Pty Ltd was placed into liquidation in November last year, with a list of creditors including Westpac, the Australian Taxation Office and Four 0 Eight Angus, a stud owned by the family of late cricketer Phillip Hughes.
The company was the trustee for the Ireland Family Trust, which traded as Irelands Angus stud, the Kyeamba property known as Ivydell where Corey Ireland and his wife and business partner, Prue, have farmed since 2004.
According to the creditors' report, Westpac is owed $3,540,000, the Hughes family is owed $2,795,000 for the sale of 55 cattle and the ATO is owed $105,000 by the company.
The remaining debts include charges for the purchase of Range Rovers, agricultural supplies and machinery, and accounting fees, as well as money owed to individual farmers.
Auction ordered by court
The auction of 46 bulls bred by the Irelands, ordered by the New South Wales Supreme Court, brought in $201,000.
The top-selling bull sold for $9,000, with eight animals passed in and an average sale price of $5,289 per head.
It is understood Westpac will be the only creditor to benefit from the auction, conducted on behalf of KPMG, which was appointed as the bank's receiver by the Supreme Court last December.
The funds will be held by KPMG until the legal proceedings against Irelands Angus stud are finalised.
Mr Ireland was arrested in April following a Riverina police investigation into reports the Kyeamba breeder had been allegedly selling and trading cattle that did not exist or had died prior to sale.
He has been charged with eight counts of fraud and will face a committal hearing in Wagga Local Court next month.
