In late August, Hanjin Shipping Co. filed for court receivership after it failed to regain its footing from the 2008-09 economic recession.

This Friday, the firm was declared bankrupt by a South Korean court after months of uncertainty.

Hanjin Shipping, which had been the world's seventh-largest container company.
Crippled with $5.4bn (£4.1bn) in debt in August 2016, the company failed to get any more money from its creditors. Hanjin went into receivership and applied for court protection.

The first meeting of creditors will be held on June 1, 2017.

Technically, Hanjin needed to find an investor or convince the government to step in.
Hanjin's bankruptcy has a good chance of bringing global overcapacity in the sector down to a sustainable level.