Peter Kingston: ‘My father has the funds to buy the cows’ as sale falls through
An attempt to buy back approximately half the Kingston Craden Hill herd on Tuesday by Peter Kingston’s father has failed.
Earlier this week a dispersal sale of the 950 cow herd took place after ACC Bank sought a judgement to recover €2.4m in loans from the Kingstons.
Today, it has emerged that the father of Peter Kingston, George, bought a significant number of the animals at the sale last Tuesday.
However, that sale has fallen through according to the auctioneers handling the sale, Denis Barrett.
“…approximately 500 animals that were bid upon at a pedigree herd auction, held earlier this week at a farm in Nohoval, Kinsale Co Cork, must now be resold due to a failure to receive payment,” a statement from the Cork-based auctioneer.
The statement went on to say that two parties failed to comply with the terms and conditions in relation to payment.
According to the auctioneer, the cattle will now be sold by an online tender process.
However, Peter Kingston told Agriland today, Saturday, that his father does have the funds to pay for the cattle he bought on Tuesday.
“My father, George, was purchasing the cattle for my son and released his retirement fund to do this.
“Obviously, it took a number of days for it to go through. We have an undertaking from my father’s solicitor to the sheriff that the funds would be there by Wednesday or Thursday of this week. His solicitor stands over that commitment.
“If they are put up to be sold by tender it would take at least three days for the funds to process and the earliest they could put them up for tender is Monday.”
According to the New Land League, the move by Cork Sheriff to not wait for this to happen is hampering the family’s efforts to save their livelihood.
“The Sheriff’s actions are clearly designed to frustrate these genuine efforts to save the Kingston’s family livelihood and thereby inflict maximum retribution,” Jerry Beades said.
The New Land League also said that the fee for the team of professionals involved is now estimated to be at as much as €2m.
Beades also said that he had a commitment from the Haulage Contractors’ representatives that in future hauliers would refuse to transport farm animals acquired through forced sales of Irish farms by bank-appointed receivers.