The organization hosting the Daejong Awards, an authority in the Korean film industry, declares bankruptcy...What will happen to the award ceremony?

The Korean Film Federation, the organization that organizes the Daejong Awards, the most prestigious film awards in South Korea, has been declared bankrupt. The Seoul Rehabilitation Court announced on the 12th that the federation's financial situation had deteriorated and it had decided to rebuild it on its own.
announced that it had decided that it would be difficult and had begun bankruptcy proceedings. The association has more debt than assets, and is said to be having difficulty raising the operating costs of the Film Festival.
Creditors to the association must report their claims to the Seoul Rehabilitation Court by the 5th of next month, and must appear at the creditors' meeting to be held on the 19th of the same month.
You are required to take a seat. The bankruptcy trustee will investigate and dispose of the association's assets, which may include the right to host the Grand Bell Awards.
One of the creditors, Mr. A (86), who was a former board member and advisor, filed a bankruptcy petition for the federation with the court in May of this year. On behalf of Mr. A
A lawyer, Ko Yoongi, explained, ``The procedure will involve liquidating the assets of the Korean Film Federation, but there is also the possibility of selling the rights to hold the Daejong Film Festival.''
On the other hand, the federation claims that Mr. A filed for bankruptcy at Exclusive without having anything to do with the current executive department, and is preparing rehabilitation proceedings.
Yang Yun-ho, chairman of the federation, said in an interview with Yonhap News, ``Mr.
He accused the organization of trying to bankrupt the General Federation of Film and Cinema People, and added, ``We plan to apply for revitalization soon.'' In July 2021, when Mr. A was in the executive department of the Film Association, at the time Daoru Entertain
They have entrusted Mento to organize the Daejong Film Festival and signed a contract in which they will receive 400 million won (approximately 44 million yen) in donations over three years. However, Daol Entertainment did not pay the contract fee.
This led to a legal dispute. The association won the lawsuit. The Grand Bell Awards is one of the three major film award ceremonies in Korea and has the oldest history. The 59th Grand Bell Film Festival held on the 15th of last month was sponsored by the association.
It was sponsored by the Ministry of Culture, Sports, and Tourism and the Film Promotion Committee.