A Seoul court on Thursday accepted a bankruptcy application by comedian-turned-director Shim Hyung-rae, who started in slapstick comedy decades ago but saw his dreams of becoming a Hollywood director go up in smoke.
A court-appointed administrator will spend three months tallying Shim's assets and income. If he concludes that Shim has no assets to pay his debts, the comedian will be exempt from repayment obligations.
Shim suffered financial difficulties after several movies he invested in flopped at the box office. He filed for bankruptcy on Jan. 30 citing more than W10 billion in debt (US$1=W1,087).
Shim says he has no assets other than stocks in his production company Younggu Art. However, he told the court that he would honor his debts. "I will try everything to get back on my own feet and contribute to society and resolve my debt problems," he said.