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Hanjin Shipping was stated bankrupt by a South Korean court on Feb 17, as keeping the firm’s liquidation value will cost more than its going value being ruled earlier this month.
After in late August, Hanjin Shipping had support halted further from its creditor banks which turn to court receivership was the world’s seventh-largest container shipper.
Despite some its ship been seized at various ports worldwide, including one container vessel in Singapore about 2/3 of its cargo fleet became stranded at sea.
Various Singapore’s businesses had been shaken quite badly with the crisis severely affecting the international shipping industry.
In an announcement made by the Seoul Central District Court its has appointed a bankruptcy administrator and claims by creditors are to be payable by May 1,2017
On Jun 1, 2017, its first meeting of creditors is to be scheduled.
In order to ensure fairness and balanced are given to the creditors, the court will make exertions to ensure the maximum of debt repayment thoughout the bankruptcy procedure.
On Feb 2, the receivership process in favour of a bankruptcy was declared by the court.