The Tokyo District Court ordered to stop the bankruptcy process and start the civil rehabilitation process on the Petition filed by some of the creditors against MTGOX with the Tokyo District Court on November 24, 2017. This brings them one step closer to receive more than $450 per bitcoin lost.
Court orders in favour of creditors
The petition was heard, and at 5:00 p.m. on June 22, 2018, the Tokyo District Court issued an order of the commencement of civil rehabilitation proceedings for Mt. Gox. As a result, the previously ongoing bankruptcy proceedings have stayed. In addition, simultaneously with the order of the commencement of civil rehabilitation proceedings, an administration order was issued by the Tokyo District Court. By passing this order, Mt. Gox’s representative trustee has lost the right to administer and dispose of Mt. Gox’s assets.
The schedule going forward for the Civil Rehabilitation Proceedings has been laid out and is as follows
- Meeting for reporting the status of property and submission deadline for a report under Article 125 of the Civil Rehabilitation Act: September 26, 2018
- Deadline for Filing proof of rehabilitation claims: October 22, 2018
- Submission deadline for inventory of assets and balance sheets: October 27, 2018
- Submission deadline for the statement of approval or disapproval: January 24, 2019
- Period to examine Proofs of rehabilitation claims: From January 31, 2019, to February 7, 2019
- Submission deadline for proposed rehabilitation plan: February 14, 2019
(*This schedule is subject to change as the civil rehabilitation proceedings progress.)
As per the schedule, the creditors will also be required to refile their claims by October 2018. Nevertheless, since Mt. Gox. still controls 137,890.96 BTC (almost $880 million USD) or 0.807 percent of all Bitcoins currently in existence,