There's new document in mtgox-website. It's outlining current development from legal perspective on civil rehab process.
https://www.mtgox.com/img/pdf/20140314-announcement_chapter15.pdf[translation]
Announcement regarding the applicability of US Bankruptcy Code Chapter 15
As already announced, MtGox Co., Ltd. filed an application for commencement of a civil
rehabilitation procedure at the Tokyo District Court on February 28, 2014 and this application is
now proceeding (the "Civil Rehabilitation").
On March 10, 2014 (US Standard Central Time), a petition was filed in the United States
Bankruptcy Court for the Northern District of Texas, Dallas Division to have the Civil Rehabilitation accepted under Chapter 15 of title 11 of the United States Bankruptcy Code. A
temporary relief order was issued on the same date. This preliminary relief order is scheduled
for confirmation on April 1, 2014.
This means that the effect of the Civil Rehabilitation applies now on a temporary basis to
assets located in the United States which will be preserved. Accordingly, the acceptance by the
US court of the Civil Rehabilitation means that any enforcement of a judgment against MtGox
Co., Ltd, any attachment of its assets, the creation of any lien against its assets or the disposition
of any assets located in the United States are temporarily no longer possible.
Under the Civil Rehabilitation, the Tokyo District Court issued an order prohibiting any
disposition of the assets of MtGox Co., Ltd. Since assets located in the United States will be
used to repay all creditors, their preservation was necessary to ensure the smooth functioning of
the Civil Rehabilitation. This is why the Chapter 15 petition was made.
Further, on March 11, 2014 (United States Standard Central Time), a petition was made to
stop the proceedings of a lawsuit taking place in the United States pursuant to Chapter 15 and
this petition was accepted.
Further announcements regarding the Civil Rehabilitation will be made on this website.
We apologize for the inconvenience caused to all creditors and ask for their understanding
and cooperation throughout this process.
