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Mt.Gox: repayment plan approved
Mt.Gox: repayment plan approved
Crypto

Mt.Gox: repayment plan approved

By Marco Cavicchioli - 26 Feb 2021

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The repayment plan of the creditors of Mt.Gox has been approved by the court of Tokyo. 

The same website mtgox.com announced this in a statement saying that the Tokyo District Court ordered the plan to be initiated on February 22nd, 2021.

However, it also says that the plan submitted in December, and presented in January, was amended with the submission of a revision on February 15th, and that the clearance from the court arrived the following day. 

However, the timeframe for the distribution of claims is still very long. 

In fact, the creditors themselves will be asked to vote to express their agreement or disagreement with this plan. 

Mt.Gox repayment plan: the next steps

They will have to wait until September for the official announcement of the voting procedures, and they will have to wait until Friday, October 8th, 2021 for the conclusion of voting. 

On Wednesday, October 20th, 2021, a meeting of creditors will be held for the possible final approval of the repayment plan. 

The date from which the distribution of claims will commence is not yet known, but certainly not before October 20th. 

The fact that a revision was submitted on February 15th, i.e. two months after the plan was submitted to the court, and approved the following day, explains why it took the court so long to approve the plan. 

In other words, it is very likely that the court itself asked for changes, after reading the first draft submitted in December, and that once they were introduced into the plan it proceeded to approve them almost immediately. The court then took another four days to deliberate. 

What is known today is the draft presented in December, i.e. without the February revision, but if the procedure for distributing claims remains the same, creditors will be able to ask to be repaid either in fiat currency, or in cryptocurrencies (bitcoin and Bitcoin Cash). 

However, the price of bitcoin seems not to have reacted at all well to this news, as it is down sharply today, to below $45,000

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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