A Pentland grazing family has vowed to continue its battle with a major financial institution as it stares down being evicted from their two properties.
On 1 February, receivers Ferrier Hodgson, acting on behalf of Rabobank, took possession of Lloyd and Nolene Bradshaw’s 7,395.53 hectare (18,275 acre) Laurel Vale, 10km from Prairie, in northwest Queensland.
The Bradshaws have a second property, 8,215 ha (20,000 acre) Ballabay, 20km northwest of Pentland.
It was a heartbreaking outcome to a long-running battle for the Bradshaws, who have been clients of Rabobank since 2005.
Receivers arrived on the Prairie property and served a warrant on the Bradshaw’s son Neil, also known as Brumby. He was visiting Laurel Vale, where he agists cattle.
Brumby Bradshaw, a third generation grazier who does not have a mortgage with Rabobank, said the family’s battle against the bank began in September 2013 when his parents approached the bank advising that they would not be able to meet an interest payment due in December 2013, due to impacts from the drought and suspension of the live export trade.
He said after defaulting on their loan, the bank arranged a meeting with his parents where they instructed the Bradshaws to pay the interest and reduce the debt, or have an unconditional sale contract on either of the two properties by mid 2014.
“We were drought declared and in the middle of the worst drought in 100 years,” Mr Bradshaw said.
“Cattle were worth nothing and neither was property. We were trying to keep as many cattle alive as possible.”
The Bradshaws failed to meet the mid-year commitment set by the bank, and were invited to enter farm debt mediation in November 2014.
Mr Bradshaw said Rabobank “rail roaded” his parents at the mediation, requesting them to sign a highly legal 20-page Deed of Forbearance. The deed is a special agreement between the lender and the borrower to delay a foreclosure.
“That day they ripped out my mother and father’s hearts,” Mr Bradshaw said. “Dad couldn’t comprehend what was in that document. We felt if we didn’t sign it we wouldn’t have got to go home.”
Despite two years of negotiations – including engaging a barrister and consultant and offering alternative proposals to the bank to allow the Bradshaws to trade out of the debt – the family says there was no compassion shown.
Mr Bradshaw said the Bradshaws put several proposals to Rabobank, all of which were declined.
He said the warrants used by the receivers were out-of-date and invalid.
“My parents have never, ever been issued with a letter of default by Rabobank,” Mr Bradshaw said.
“I know when you borrow money you need to repay your debt, but they closed up on us.
“All we said is can you wait.
“Give us time, we will manage the property for you. Give it time for it to rain, give it time for cattle prices to get off rock bottom, and then we will sell a place or get our loan under control.”
The receivers arrived at Ballabay on 3 February to take possession of the property. Mrs Bradshaw, flanked by around 30 supporters, served papers on the receiver providing evidence that the warrant was invalid and the receivers left.
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The Emotional Toll
Neil Bradshaw is a broken man.
He was shaping a life for himself, partner Katie and 18-month-old son Lane, breeding cattle and growing hay and silage, on land owned by his parents Lloyd and Nolene Bradshaw, in northwest Queensland.
“I’m gutted,” Mr Bradshaw said. “I don’t want anything given to me by no stretch but I haven’t worked it for 10 years, keeping all these cattle alive in the drought only to have this happen.
“If we had done what the bank had wanted, neither of these places would have any cattle left.
“We have kept an asset alive and now the bank is going to take the lot.”
Mr Bradshaw said the family had had a good relationship with Rabobank for many years until conditions on the land became difficult.
When live export was suspended, cattle destined for this market was sent to southern markets, where the Bradshaws had enjoyed solid prices for their steers for many years.
“We use to pull weaners off weighing around 180-200 kg and use to get $550-600 a head,” Mr Bradshaw said. “That was good money and the bank was loving us.
“After the ban, we could barely get $100 a head.
“We had to think laterally. We wanted to keep these cattle and these places as a viable business.”
While he supports his parents in their ongoing campaign, Mr Bradshaw has another fight on his hands. When the receivers took possession of Laurel Vale, he refused to leave.
He was arrested and charged with assault and obstructing justice. His bail conditions prohibit him from being on either of the properties, meaning he is unable to check on the welfare of his 500 head of cattle, unless he gets written permission from the receivers, nor be with his family.
A defiant Mr Bradshaw is due to reappear in court in March, but said he has no plans at this stage to plead guilty to the charges.
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Rabobank’s Response
A Rabobank spokeswoman said the bank has worked patiently and supportively with the Bradshaws for more than three years to allow them every reasonable opportunity to resolve their financial difficulties.
“This has included engagement through mediation,” she said. ”We have also on numerous occasions, and over a considerable period of time, liaised and met with authorised representatives of the Bradshaws.
“Rabobank has been awaiting a sensible, viable and valid commercial proposal from the Bradshaws and their advisers with respect to their unpaid debt.
“To date no such proposal has been put forward, despite numerous requests from the bank over an extended period.
“While we are restricted on commenting on the details of individual clients for privacy reasons, the bank firmly believes it has at all times acted fairly, properly and with patience and consideration in this matter.”
The spokeswoman said the bank and the receiver had followed the correct legal process at all times, and provided clear communications which include the appropriate default notices.
“The bank strongly refutes the Bradshaws’ claims regarding validity of the notices served,” she said.
She said a valid enforcement warrant for possession remained in place.