Creditors urged to come forward in liquidation case

Creditors urged to come forward in liquidation case

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The court action resulted from petitioning by a creditor, East Coast Stockfeeds Pty Ltd, which was owed money for stock feed.

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THE operators of one of Australia's most well-known Angus cattle studs have been placed in liquidation.

CD and PJ Ireland Pty Ltd was the trustee for the Ireland Family Trust, which is understood to have traded as Ireland's Angus Stud, and has a breeding and selling operation located in southern NSW.

Over the years, Ireland's Angus Stud made headlines for selling cattle at Australian auction record prices.

In the Supreme Court on November 14, Andrew Bowcher and Timothy Gumbleton of RSM Australia Partners were appointed as liquidators for CD and PJ Ireland Pty Ltd.

The court action resulted from petitioning by a creditor, East Coast Stockfeeds Pty Ltd, which was owed money for stock feed. The action was lodged as a notice of winding up order before the court.

Speaking to The Rural, Mr Bowcher said the liquidators were currently doing an investigation and urged any creditors to contact them.

"We are looking to send out a report to all known creditors later this month," Mr Bowcher said.

The notice of winding up order and appointment of liquidators was published by the Australian Securities and Investments Commission (ASIC) on November 14.

This was followed by a notice inviting formal proof of debt or claim with ASIC, which was published online on November 26.

The notice reads: "Take notice that creditors of the company, whose debts or claims have not already been admitted, are required ... to prove their debts or claims and of any security held by them to me (us) and, if subsequently required by notice in writing from me (us), must formally prove their debts or claims and establish any title they may have to priority by statement in writing."

Meanwhile, The Rural has been contacted by several industry sources, who wish to remain anonymous, expressing concern about what this potentially means for the stud industry, businesses and creditors.

In March this year, The Rural reported that an inaccurate pedigree listing has cost Ireland's Angus stud more than $200,000 following a NSW District Court ruling in Sydney.

The court found that a bull auctioned in 2015 did not have the sire claimed in the pedigree published in the on-property sale catalogue.

However, The Rural understands there is currently an appeal before the courts and the case is ongoing.

The story Creditors urged to come forward in liquidation case first appeared on The Rural.

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