Mt. Gox’s creditors risk having to wait a long time for their money.
On the website mtgox-creditors.com a document that announces the preparation of a rehabilitation plan starting on August 1, 2018, has been published.
But it’s not all that simple.
The outline of the rehabilitation plan is a proposal for creditors.
They will be asked to respond with their views so as to make the necessary revisions and prepare the recovery plan.
This plan is to be submitted by creditors to the courts by 14 February 2019.
To speed up the process, the plan should be as simple as possible.
It would take a long time to prepare it and consequently there would be a delay in its approval by the court.
Instead, the aim is to obtain advance approval so that the money can go back to the creditors.
But if it were not possible to shorten the time, the first payment, made after approval and confirmation of the rehabilitation plan, would arrive in May or June 2019.
The plan shall provide for the return of the bitcoin (BTC) and bitcoin cash (BCH) funds.
In addition, it will have to guarantee a full repayment to the creditors as approved in the bankruptcy proceedings.
As a result, the 166,000 or so BTCs still to be distributed, or about $1.3 billion, could remain locked for the whole of 2018 and perhaps even a good part of 2019.