In a statement to the Irish Farmers Journal this Friday, a spokesperson for BidX1 said: "Due to a lack of an agreed framework between all parties on the sale of agricultural land, Bidx1, Ireland's largest property auction company, has decided to cease the sale of agricultural land until such time as there is an agreed framework in place."

The Irish Farmers Journal understands that BidX1 itself doesn't intend to get involved in negotiations on such a framework.

BidX1's online auction service has been used by so-called vulture funds to conduct forced sales of farms on several occasions in recent months.

Bidders can remain anonymous in the process and farmers have sometimes found their land up for sale without advance notice.

410ac sold

For example, Cerberus has put Co Westmeath farmer Hugh Reynolds's land for sale on BidX1 three times this year without his consent.

No sale has yet been concluded in this case.

A spokesperson for the company recently told the Irish Farmers Journal that it had sold 410ac of land for over €9m in the first 10 months of this year.

Protest

The suspension of farmland sales by BidX1 comes after the ICSA scheduled a protest outside the company's Dublin head office on Waterloo Rd at noon next Monday.

"These fire sales are a blunt and crude instrument and we are insisting that the practice be stopped,” said ICSA rural development chair Seamus Sherlock. "We have an obligation to ensure that those who find themselves caught in the grip of vulture funds are afforded every opportunity to come to a reasonable negotiated settlement."

The ICSA confirmed this Friday that it was still planning to hold Monday's protest despite the announcement from BidX1.

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