Shim Hyung-rae, who began his entertainment career decades ago in slapstick and later produced a comedy that went on limited release in the U.S., has filed for bankruptcy.
Shim, who invested a lot of money into his production company Younggu Art to make several movies, apparently suffered financial difficulties after they flopped.
Shim's bankruptcy filing says he has few assets and is heavily in debt. "I have no assets other than stocks in Younggu Art and owe more than W10 billion," he said (US$1=W1,088).
A Seoul bankruptcy court will decide whether to accept Shim’s filing after reviewing his assets.
In 2011, 43 former employees of Younggu Art submitted a petition to the Ministry of Employment and Labor demanding W890 million in unpaid wages. Shim was found guilty of failing to pay them and given a two-year suspended sentence and 80 hours of community service.