The Movement Photos Affiliation of Korea, the organizer of Korea’s oldest movie awards, the Grand Bell Movie Awards, has gone bankrupt with money owed exceeding 800 million received ($580,000), elevating doubts as as to whether this 12 months’s occasions will happen in December as deliberate.
The competition was as soon as thought to be the nation’s prime movie awards, however it had been struggling to satisfy monetary and reputational challenges.
“After the courtroom introduced chapter in December final 12 months, the affiliation utilized for a rehabilitation process in February, however the course of has been in limbo because of the disagreement by one of many collectors,” the affiliation mentioned in a press release launched Thursday.
In keeping with the affiliation, a former govt, surnamed Kim, filed for chapter in December. He was additionally one of many collectors and left the affiliation in 2022. The affiliation has accused Kim of making an attempt to denationalise the occasion and deprive the affiliation of its rights.
The affiliation turned conscious of the 800 million received of debt solely not too long ago, the affiliation mentioned, including that it thought it was unfair for members of some 80 chapters on the affiliation to imagine duty for it via membership charges and donations.
“We additionally plan to alter the group from a non-profit group to an affiliation of movie trade insiders,” it mentioned, highlighting its continued efforts to carry the sixtieth Grand Bell Movie Awards this 12 months.
Separate from monetary points, the affiliation has been struggling to revive its status.
Final November, the awards ceremony suffered a poor turnout, having struggled with a string of controversies, together with unfair collection of winners and poor occasion group.
This value it its main place amongst nation’s three largest movie awards ceremonies together with Baeksang Arts Awards and the Blue Dragon Movie Awards.
Final 12 months’s awards sought to begin afresh and went for a whole overhaul, inviting YouTube creators and TikTok stars to the occasion as presenters, however the majority of the general public noticed their attendance as irrelevant.
