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| ▲ Yang Yun-ho, president of the Korea Film Producers Association, speaks at a press conference for the Daejong Film Awards held in Seoul on June 27, 2024. (Yonhap) |
SEOUL, Nov. 1 (Yonhap) -- The Korea Film Producers Association (KFPA), responsible for hosting the Daejong Film Awards, has entered liquidation after its bankruptcy was confirmed.
The association announced on the 31st that its appeal to overturn the bankruptcy ruling was dismissed on the 24th, despite efforts to recover over the past nine months.
The KFPA initially filed for rehabilitation after being declared bankrupt last December, but lack of creditor support forced the organization to withdraw its rehabilitation plan.
The bankruptcy ruling was primarily driven by overwhelming debt, which has now exceeded 800 million won (approximately $600,000), an amount the non-profit organization—sustained by member dues and donations—could not manage. The KFPA expressed that this financial strain influenced the court's final decision to reject its appeal.
Despite financial uncertainties surrounding the Daejong Film Awards, one of Korea’s longest-standing film award ceremonies, the KFPA has committed to ensuring the event’s continuity.
The association is dedicated to holding the 60th Daejong Awards this year, emphasizing efforts to stabilize its organization in order to preserve the ceremony’s legacy. While the KFPA will dissolve as a legal corporation, it plans to continue operating as an independent film group.
In June, KFPA President Yang Yoon-ho stated that the association would proceed with the Daejong Awards even if bankruptcy were confirmed, asserting that as long as filmmakers support it, both the association and the awards ceremony will persist.
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