Legal Proceedings Update: CONSOLFREIGHT PILOT, LLC vs. Hanhwa CEO

Real World Assets Pools
1

Legal Proceedings Update: CONSOLFREIGHT PILOT, LLC vs. Hanhwa CEO

  1. On the 19th of October 2023, the Federal Court of Australia issued an order granting us
    permission to:
    Issue subpoenas as per the Federal Court Rules 2011 (Cth) to:
    a. Representatives of the Liquidator Grand Thorton, concerning Hanhwa Aus Pty Ltd, which is
    currently in liquidation.
    b. Directed Electronics OE Pty Ltd.
  2. The court also granted us the option, under the Federal Court Rules, to serve the Originating
    Application and Concise Statement, dated 21 September 2023, to the Hanhwa CEO via email.
    This email should include a copy of the court orders. The documents will be deemed served on
    the fourth working day after these steps have been taken. A copy of these documents should
    also be given to the Liquidator with a request for them to pass it to the Hanhwa CEO as
    practical.
  3. A further Case Management Hearing has been scheduled for 1 December 2023, focused on
    managing and progressing the case.
  4. The Liquidator, Grand Thorton, confirmed receipt of the Concise Statement, Originating
    Application, and Orders, and has subsequently relayed them to the Hanhwa CEO’s known
    contacts.
  5. On the 18th of October 2023, our lead attorney notified both us and the court about the
    directions of the case. They stated that while they would be seeking orders for the issuance of
    the subpoenas, the court might want to make further attempts at serving the Hanhwa CEO.
  6. On the 19th of October 2023, Justice Cheeseman from the Federal Court of Australia outlined
    specific steps for the case, including the means of serving the Originating Application and
    Concise Statement to the Hanhwa CEO and the Liquidator.
    Upcoming Key Dates:
    The Case Management Hearing remains scheduled for 1 December 2023 at 9:30 a.m., as noted
    by Justice Cheeseman.
    The Hanhwa CEO’s response to the court is expected by 15 November.
    Closing Thoughts: We have made significant progress in our recovery efforts. While this marks
    a step in the right direction, it’s important to acknowledge that we still have a long journey
    ahead. The outcome remains uncertain given the complexities of the legal processes and the
    variables in play. However, we are dedicated to seeing this through to its conclusion and will
    persist in our efforts. Rest assured, we will continue to provide regular updates as more
    information becomes available to us.
    Your patience and trust are greatly valued as we navigate these legal intricacies. We remain
    committed to keeping you informed at every significant juncture. Please feel free to reach out
    with any questions.
    Warm regards,
    Jose Tovar
2 Likes
2

Thanks for the update and the transparent description of the legal proceedings.

@Eli if you want to take a look into it

3

@Consol Hi Consolfreight,

Can you give us an update on the legal proceedings? Can you give an expected timeline?

Thanks!
Roy

4

Hi @RoyCrypto11, in case the issuer doesn’t see your reply here, you can take a look at the most recent monthly Real-World Asset report on Maker DAO’s forum here or contact them directly by email.

Thanks.

1 Like
5

Dear Valued Investors and Community Members,

We are writing to provide you with an important update regarding the ongoing legal proceedings involving Consol Freight Pools, Hanhwa AUS Pty Ltd, and Hanhwa New Zealand Pty Ltd.

Hearing Update: Federal Court of Australia - NSD1052/2023

We have received confirmation that the hearing of the applications to set aside the subpoenas issued to the liquidator and Directed Electronics has been scheduled for 27 February 2024 at 10:15 am. The hearing will take place at the Law Courts Building, Queens Square, Sydney.

Key Dates:

  • Subpoena Response Deadline for Directed Electronics OE Pty Ltd: 20 December 2023.
  • Evidence Filing Deadline for Consol Freight Pilot, LLC:
    • Application by Andrew Hewitt (as liquidator) on 29 November 2023.
    • Any application filed by Directed Electronics OE Pty Ltd in accordance with Order 1.
    • Deadline: 19 January 2024.
  • Response Deadline from Directed Electronics OE Pty Ltd and Andrew Hewitt: 31 January 2024.
  • Hearing Date: 27 February 2024 at 10:15 am.

Consol Freight’s Commitment: Consol Freight remains committed to acting proactively and diligently in pursuing our claims and seeking resolution. Our team has meticulously prepared extensive documentation to support our case, demonstrating our dedication to recovering assets and debts. This effort is essential to safeguard the investments entrusted to us by our valued investors.

We understand the significance of transparency in these matters and will continue to provide regular updates as significant developments unfold. If you have any inquiries or questions, please do not hesitate to contact us at operations@consolfreight.com.

We appreciate your ongoing trust and support.