The Motion Pictures Association of Korea, which holds the hosting rights for the Grand Bell Film Awards, has been declared bankrupt by the Seoul Rehabilitation Court. Unlike a typical bankruptcy procedure, this ruling was initiated by creditors.
According to attorney Go Yun Ki, representing the creditors, the court declared bankruptcy for the Motion Pictures Association of Korea, citing an inability to meet payments and an excessive debt surpassing assets.
As part of the bankruptcy proceedings, the court will select a bankruptcy trustee to supervise and manage the settlement. Procedures may include the liquidation of assets, including the hosting rights for the Grand Bell Awards.
The Grand Bell Awards is hosted by The Motion Pictures Association, sponsored by the Ministry of Culture, Sports and Tourism, and the Korean Film Council. The awards were established to promote the development of the Korean film industry and enhance the qualitative improvement of Korean films.