US Judge Approves Mt. Gox's Chapter 15 Bankruptcy Filing
The Chapter 15 US bankruptcy filing submitted by defunct bitcoin exchange Mt. Gox won approval in a Dallas court today as part of a move that will send proceedings to Japanese courts for further deliberation. The case update, while largely procedural, should empower Japanese courts to take a greater oversight into the case, including any proposed restructuring plans. Bloomberg Businessweek summed up the importance of the decision, writing: "The ruling empowers the company's Japanese trustee to examine witnesses, gather and review evidence and oversee assets in the US, such as servers." Mt.....
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United States Bankruptcy Judge Stacey Jernigan has ordered that Mt. Gox CEO Mark Karpeles appear in Dallas, Texas at the offices of Baker & McKenzie, the firm that represents his company here in the States for a deposition, Reuters reports. Karpeles has been ordered to appear on April 17th. The move comes following a Chapter 15 bankruptcy protection filing in Texas last month, in which the company sought protection from creditors in the United States. "If he avails himself of this court, my God, he is going to get himself over here," the Judge was quoted as saying. By nature of the Chapter....
Troubled Japan-based bitcoin exchange Mt. Gox has filed for Chapter 15 bankruptcy protection, an ancillary form of bankruptcy that will complement its primary Tokyo District Court claim issued on 28th February. US Chapter 15 bankruptcy provides specific protections in cases of cross-border insolvency, and is based on UN model law. Both Japan and the US have adopted Chapter 15 bankruptcy in an effort to better protect the interests of shareholders and maximize the value of debtor assets in cross-border bankruptcies. At the time of its filing, Mt. Gox claimed an outstanding debt of ¥6.5bn....
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Following a filing for bankruptcy protection in Japan in late February (read more about that here), the troubled Tokyo-based exchange has reportedly filed for Chapter 15 bankruptcy protection at the U. S. Bankruptcy Court in Dallas, Texas, according to a number of reports (In re MtGox Co. Ltd., 14-bk-31229, U. S. Bankruptcy Court, Northern District of [Dallas] Texas). The move may, for the time being, put US-based legal action against the exchange on-hold - which will prevent Gox from spending presumably a large sum in legal fees defending themselves from a lawsuit filing in a Chicago....