Not exactly. If the project is not completed it most often means the subbers ran away and the Channel Manager either is lazy and didn't actively search for other subbers or s/he is incapable of finding them because nobody's interested.
Sometimes the Channel Manager will disappear for various reasons (hell, s/he might even be dead in a car accident for all we know!) but the Moderators and subbers will continue on their own and eventually finish it.
So there are many possible scenarios.
I have no idea which is the case in this particular drama.
(Maybe they got pissed because of the sad ending? But it was known since the beginning, and that's the reason I didn't even start watching it. )
Whatever it is, it's a good idea to stir things up by writing to people: CM, English moderators, viki. In that order.