Mt.Gox posts update to bankruptcy proceedings

Home » Mt.Gox posts update to bankruptcy proceedings

mtgox-newThe Mt.Gox bankruptcy moved another step closer to resolution today, with the official appointment of attorney Nobuaki Kobayashi as trustee for the failed exchange. Mt.Gox changed its filing in a Tokyo court earlier this month, dropping plans for a proposed rehabilitation due to an “extremely large” number of creditors and a massive logistical challenge getting a majority to approve a plan. The exchange is now moving towards liquidation, which would likely result in greatly diminished returns for those with bitcoins still owed by Mt.Gox.

In the Mt.Gox statement, Kobayashi briefly outlined his role in the process.

The bankruptcy trustee will implement the bankruptcy proceedings, such as the administration and realization of the Company’s assets and the investigation of the claims. We kindly ask for your understanding and cooperation.”

A creditor meeting is scheduled for July 23rd, but parties with claims against Mt.Gox are not required to attend to be qualified for their shares of the liquidation. A report about this meeting will be available on the company’s website.

The 5-page FAQ attached to the document does address some logistical issues about the liquidation process, but offers no clues about specific steps the trustee will take in the liquidation, if any serious buyers are being considered for the exchange, or how much cash and how many bitcoins Mt.Gox currently controls.

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