Hanjin Shipping has been formally declared bankrupt by the Seoul Central District Court.

The attorney Jinhan Kim has been appointed as bankruptcy trustee.

According to the court, the first meeting of creditors will take place on June 1, 2017. Proofs of claims against the company are to be filed by May 1, 2017.

Hanjin Shipping’s shares will be delisted at the Korea Exchange. Trading of Hanjin shares stopped on February 2, 2017.

The South Korean shipping line declared bankruptcy on August 31, 2016.