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  1. #1
    Join Date
    May 2014
    Posts
    1

    Default How to Recover Money from a Bankrupt Company

    MtGox was a website where users could buy and sell BitCoins. I had some money there (ca €500 in different currencies) before MtGox went bankrupt. I just received an email from MtGox with an attachment holding the text below, but I don't understand it. Now I wonder, will I get my money back?

    Mail attachment:

    To whom it may concern,
    Announcement of Commencement of Bankruptcy Proceedings
    Bankrupt Entity MtGox Co., Ltd.
    Bankruptcy Trustee Attorney-at-law Nobuaki Kobayashi
    Case Number: Tokyo District Court 2014 (fu) no. 3830
    Address of Headquarters: Shibuya 2-11-5, Shibuya-ku, Tokyo
    Bankrupt Entity: MtGox Co., Ltd.

    1 Announcement of Commencement of Bankruptcy Proceedings
    Since an order of commencement of bankruptcy proceedings for the above
    entity has been issued, we hereby inform you as follows:

    (1) Date and time of the order of commencement of the bankruptcy
    proceedings
    April 24, 2014, 5:00 p.m.

    (2) Bankruptcy trustee
    Attorney-at-law Nobuaki Kobayashi
    Shibuya 2-11-5, Shibuya-ku, Tokyo
    MtGox Co., Ltd. bankruptcy trustee office
    Tel +81-3-4588-3922

    (3) Period for filing proofs of bankruptcy claims
    By November 28, 2014

    (4) Date and place of creditors’ meeting for reporting on the status of the
    assets
    July 23, 2014, 1:30 p.m.
    Tokyo District Courtroom for Creditors’ Meeting No.1
    (5F, joint government building for the domestic, summary and district
    courts)

    (5) Date and time for investigation of claims
    February 25, 2015, 10:00 a.m.

    (6) (i) Persons owing debts to the bankrupt entity are not to repay such
    (ii) Persons possessing assets of the bankrupt entity are not to deliver
    debts to the bankrupt entity.
    such assets to the bankrupt entity.

    2 Supplemental Explanations
    With respect to the announced matters as set forth in 1 above, we hereby
    provide you with the following supplemental explanations:

    (1) The bankruptcy trustee is the person who will implement the
    bankruptcy proceedings, including the administration and realization
    of the Company’s assets and the investigation of the claims and the
    liquidating distribution if funds for distribution are secured, from a
    fair and independent perspective. The power and authority to
    administer and dispose of the assets of the bankrupt entity is vested
    exclusively in the bankruptcy trustee. In this case, I was appointed
    as the bankruptcy trustee of MtGox Co., Ltd. by the Tokyo District
    Court.

    (2) The form, etc. for filing proofs of claims as set forth in 1(3) above is
    expected to be disclosed through the website hosted by the bankruptcy
    trustee at a later date. It is expected to take a certain time before the
    distribution of the form, etc. for filing proofs of claims is made. If
    each creditor submits the filing document using his/her own form,
    there will likely be confusion, since such documents may lack legally
    required information, or there may arise discrepancies in the
    interpretation of the descriptions in such documents. In addition,
    given that the number of the creditors is large in this case, if such
    confusion occurs in relation to many creditors, the process of the
    bankruptcy proceedings would likely be extremely delayed and the
    interests of the creditors would likely be impaired. We ask for your
    kind patience until we provide the above stated information.

    (3) Creditors are not obligated to attend the creditors’ meeting, and the
    creditors will not be disqualified from the liquidating distribution due
    to their absence from creditors’ meetings. It is planned that the
    content of the report at the creditors’ meetings will be disclosed on the
    website ( http://www.mtgox.com/).

    (4) The office of bankruptcy trustee will receive the inquiries regarding
    the bankruptcy proceedings, etc., but information will be provided
    through the website ( http://www.mtgox.com/) as well. It is expected
    to be difficult to get through to the office of the bankruptcy trustee
    due to the large number of the creditors; please check the above
    mentioned website first.
    TEL:+81-3-4588-3922 http://www.mtgox.com/

    [Note]
    This document is prepared by the bankruptcy trustee to provide information
    regarding the commencement of the bankruptcy proceedings for the bankrupt
    entity to those whose email addresses are known to the bankrupt entity and
    who may have bankruptcy claims. Receipt of this document does not mean
    that you are certified as a bankruptcy creditor or that you can participate in
    the bankruptcy distribution. To participate in the bankruptcy proceedings
    and to receive the bankruptcy distribution, after separately filing proofs of
    your claim as provided in the Bankruptcy Act of Japan, investigation thereof
    is necessary. It is possible that, on investigation of your claims as provided
    in the Bankruptcy Act of Japan, your claims may not be approved. The
    bankruptcy trustee owes no legal liability to anyone due to the transmission of
    this document.

  2. #2
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: Will I Get My Money Back After Mtgox Went Bankrupt

    It appears you and other creditors must submit a claim of what you are owed. Once the claim forms are processed, the trustee will begin payouts of the remaining assets based on the ranking and amounts of creditors.

  3. #3
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: Will I Get My Money Back After Mtgox Went Bankrupt

    This forum is for US law only.

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