Commencement of Civil Rehabilitation Proceedings of Mt.Gox

Considering the bumpy steps cryptocurrency as a whole took to get on its feet, success at Mt. Gox is news well received internationally. 

Today, on June 22, 2018, the Tokyo District Court ordered commencement of civil rehabilitation proceedings regarding Mt. Gox.   Accordingly, enormous assets, which were to be distributed to Mt. Gox’s shareholders under the bankruptcy proceedings, will be returned to creditors of Mt.Gox in civil rehabilitation proceedings.  This is the creditors’ victory.  Please see “ ” for the trustee’s website.

However, this victory has not been realized yet.  The victory will come to creditors when Mt. Gox makes payment to creditors and  creditors actually receive such payment.

To that end, a rehabilitation plan to certainly and promptly realize creditors’ rights should be prepared, approved at the creditors’ meeting, and approved by the court.

A rehabilitation plan, which provides creditors rights in the proceedings,  will be primarily prepared by the trustee; therefore, creditors’ opinions will not always be reflected to the rehabilitation plan prepared by the trustee.

We would like to reflect creditors’ opinions to the rehabilitation plan by proposing our opinions or plan to the trustee.  Under Jananese civil rehabilitation act, a creditor is entitled to submit his or her plan if  the court permits.

Therefore, we are now working to prepare for the separate article entitled, “Outline of Our Rehabilitation Plan.”   We would like to hear creditors’ opinions on the outline.  Creditors will send us e-mails to “mtgoxforcreditors at-mark” (please change “at-mark” to @ when you send email), or letters.









Submission of a Motion to the Court (2)

We submitted a motion to the Tokyo District Court again on March 28, 2018, urging the court to promptly issue a decision to commence rehabilitation proceedings and convert the bankruptcy proceedings to rehabilitation proceedings.

We have submitted a motion to the court on March 28, 2018 (for details please refer to the “Submission of a Motion to the Court” posted on March 28, 2018 ), but the court have not yet issued a decision to commence rehabilitation proceedings. Therefore, based on the contents of the Examiner’s report, we sent letters to BTC creditors, whom we could reach, confirmed the intention to convert to rehabilitation proceedings, and we reported to the court the results using the motion.

Around 200 creditors (around BTC 105,000) have sent letters so far, which we believe proves that many creditors support our activities.

We are grateful for BTC creditors who sent letters.

Thank you for your continued support.

Nishimura & Asahi

Shin Fukuoka

Yuri Sugano

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