The Daejong International Film Awards will be selling its trademark¹ rights in a public sale, the Motion Picture Association of Korea said through its legal representative on Monday.

This follows the bankruptcy² of the association, the award’s host, which has been in a liquidation³ process since earlier this month. The association has over 800 million won ($574,000) in debt.

Whoever earns the trademark rights in the bidding will manage the awards going forward.

Bidders⁴ with preemption will place the lowest bid and the bidding will continue to recruit additional potential buyers who offer more favorable conditions. The lowest bid is 56 million won, including VAT⁵. Written bids will be received until Friday and the final buyer will be revealed on Monday.

The final sale will also depend on whether the bidders with preemption exercise the right to purchase.