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Author Topic: Today filed a motion for civil rehabilitation proceedings for Mt Gox  (Read 1698 times)
bitcoinsrus
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March 03, 2014, 10:56:54 AM
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Update:  The Gox situation
This can be found on https://www.mtgox.com

Notice of petition for civil rehabilitation proceedings

 
Today filed a motion for civil rehabilitation proceedings in the Tokyo District Court, the Company was accepted. In addition, from the court, and an instruction that disables a comprehensive temporary restraining order to prohibit the Company will reimburse you for the debt, to the transfer of assets, and to the collateral assets, the enforcement by creditors against the assets of the Company , so we received the order of investigation to order supervision order to order supervision by the regulatory committee, the investigation by the investigation committee, as described below, will be announced. Become a place where it becomes a situation like this, to apologize for the great deal of worry and inconvenience of everyone user, regarding. Everyone of the other parties concerned, so sorry truly, deeply apologize. Our company, so we are in full compliance with the instructions of the court, future property will continue to be conservation properly.

Ki

Reasons and circumstances that led to the petition and our financial condition
We have to determine is as follows, and is said to be in a situation of insolvency the company's financial position to be aware of (1) the present time.

Total assets        3,841,866,163 yen
Total current liabilities      6,501,119,371 yen
In the background of current liabilities (2) The Company has increased, causing loss of bit coin, that the disappearance of the deposits can be considered, for this, hit with full force in the elucidation of the truth by, for example, requested an investigation by experts You. For trouble with the impetus of the complaint are as follows.

By the unauthorized access to early February 2014, to exploit a bug in the system of bit coin, transactions (withdrawals bit coin) remittance of bit coin does not complete successfully, and also increased, by the unauthorized access to successfully exploited such bug , that may have been pulled out improperly bit coins were found.
  it can be seen that then, bit coin of mass were gone by the investigation of the Company, the exact circumstances are not known still, but by February 24 or about 2014, bit coin holdings of transaction history on the user approximately 750 000 bit coin, and that nearly all of the approximately 100 000 bit coins are carriers bit of coin transaction history on our own is gone've found is. The Company believes the possibility that the bugs have been stolen by the abuse is high bit coin that is no longer, now, consider the criminal complaint, and we ask the expert procedures.
  In addition, the 24th month, that there is a discrepancy heavily in the total amount of deposits to a financial institution that manages the total amount of deposits of reality from the user, such deposits, deposit balance is insufficient to significantly (subject to change high amount of money is under investigation, but about 2.8 billion yen at maximum) were found. Because it is expected the Company is currently investigating the cause of the problem, including the damage caused by hacking by a third party, then the problem is probably more than one, you need to investigate a huge deal in the past in order to find the cause there. Therefore, at this time, the cause of the problem is not possible to do also confirm the amount of deposits that are insufficient for the deposits and balances the total number of bit coin, let alone gone.
Since the discrepancy deposit balances and deposits balance and loss of bit coin above is discovered, it is determined that business operations of normal is difficult, the Company, our site (Japan time) in the middle of the day of the 25th month I stopped across the board access to.

For submission of complaint or submission (3) offense report, and ask the expert has already launched an investigation and study. Then, the proper criminal punishment is carried out, and we strive damage recover as is achieved.
In addition, the present invention is not limited to Japan, the survey of each relevant authorities and investigation on this matter, we will continue to cooperate fully.
In order to perform a high payment as possible to everyone creditors, it is necessary to explore the possibility of being able to stay in business, we select the playback procedure.
In addition, it is that through the legal bankruptcy proceedings, you go through the effort of reconstruction while doing their accountability under the supervision of the court, but also for our, you need even on the industry of bit coin will develop healthily I am and understanding.
Future, to be able to repay as much as possible to everyone of creditors, because it is committed to strive investigation of the case, recovery of damages, the recovery of the business, you would like to ask for your understanding in civil rehabilitation proceedings of the Company, for your cooperation.

Summary of petition
February 28, 2014 (1) monkey standing Date
(2) a court of competent jurisdiction Tokyo District Court
(3) complaint agent Baker & McKenzie law firm (Foreign Law Joint Enterprise)
          lawyer Hideyuki Yamamoto, the end of wealth Junko
         legal professional corporation Yodoyabashi-Yamagami Joint
          lawyer Shinomiya Akio, the Kawai Kazumasa
(4) Supervisory Nagashima Ohno & Tsunematsu Nobuaki Kobayashi lawyer
(5) Same as above investigation committee
26 years (6) Case No. Heisei (re) No. 12 rehabilitation proceedings alleged incident
For more information, please contact
(is scheduled March 3, 2014 (Mon) opened), is an inquiry to the company as more information, please contact, as follows, the Company, so that we can set up a call center If you have, I ask to have you call the call center or less.

  
03-4588-3921 phone number
10:00 to 17:00 Monday to Friday Hours

   
In addition, I ask to have you refrain from inquiries to the office of supervisor and research committee.
Or more


[Translation from the Japanese]
February 28, 2014

To anyone concerned
Mark Karpeles
Representative Director
MtGox Co., Ltd.
2-11-5 Shibuya
Shibuya-ku, Tokyo

ANNOUNCEMENT REGARDING AN APPLICATION FOR COMMENCEMENT OF A PROCEDURE OF CIVIL REHABILITATION

MtGox Co., Ltd. Made today an application for commencement of a procedure of civil rehabilitation (minji saisei) at the Tokyo District Court. This application was accepted on the same day. Further, MtGox Co., Ltd is under several orders issued by the Court:. a preservative order prohibiting it from paying its debts, transferring its assets or establishing security over its assets, an order establishing a comprehensive prohibition of forced attachment of its assets by its creditors and a supervisory order ordering supervision by a supervisory committee In Consequence, MtGox hereby informs you as FOLLOWS.
We first Express Our most sincere Regrets and Apologies for this situation and for Causing so much Inconvenience to all users and Our Other interested Parties. We Will Respect fully the Above Orders and Maintain Our assets with all the necessary care.

Financial situation, reasons and timeline leading to this application
. (1) As of now, the liabilities of MtGox Co, Ltd exceed its assets and its financial situation is as follows:

Total amount of assets    3,841,866,163
Total amount of current liabilities    6,501,119,371
.. (2) The increase of current liabilities may be linked to a loss of bitcoins and customer funds These are now investigated by an expert and all efforts are made to discover the truth This application was prompted by the following troubles:

At the start of February 2014, illegal access through the abuse of a bug in the bitcoin system Resulted in an Increase in incomplete bitcoin Transfer transactions and we Discovered That There WAS a Possibility That Bitcoins had Illicitly Been Moved through the abuse of this bug.
As a result of Our internal Investigation, we found a large That Amount of Bitcoins had Disappeared. Complete Although the extent IS not yet known, we found That Approximately 750,000 Bitcoins DEPOSITED by users and Approximately 100,000 Bitcoins Belonging to U.S. had Disappeared.
We Believe That There IS a high probability That Were THESE Bitcoins stolen as a result of an abuse of this bug and we Have Asked an Expert to look at the Possibility of a Criminal complaint and undertook proper Procedures.
On the same day (24th), we found out large Discrepancies Between the Amount of Cash Held in financial Institutions and the Amount DEPOSITED from Our users. The Amounts Are Still under Investigation and May Vary but They approximate JPY 2.8 billion.
We Are Investigating the Causes of Problems THESE. Since There Are probably a Variety of Causes INCLUDING Hacking by Third Parties, we need to Investigate a Huge Amount of Transaction Reports in order to ESTABLISH the Truth. As of this date, we can not confirm the exact Amount of missing deposit Funds and the Total Amount of Bitcoins Which Disappeared.
Once we discovered that bitcoins had disappeared and the discrepancies between cash funds and deposit balances, we judged that it would be difficult to continue our activities normally and we therefore closed our site at noon on the 25th (Japan time).

(3) Regarding the Filing of a complaint or report Damages, an Expert HAS Been mandated and Investigations Have started. We Will make all Efforts to Ensure That Crimes Are punished and Damages Recovered.
Further on we Will Cooperate fully with inquiries from Authorities and Investigations related to this matter, in Japan or overseas.

In order to increase repayments to our creditors, it is necessary to explore the possibility of having MtGox Co., Ltd. Continue its business. This is why the civil rehabilitation procedure has been chosen, Rebuilding MtGox Co., Ltd under the supervision of the Court in a Legally organized procedure while giving proper Explanations Will not BE for the Sole Benefit of the company but for the whole of That bitcoin Community.
All Efforts Will Now BE made ​​to restore the business and recover Damages to Repay Debts to Creditors. We Hope for the understanding and cooperation of all.

Outline of the application
(1) Application date February 28, 2014
(2) Jurisdiction Tokyo District Court
(3) Counsel of applicant
Baker & McKenzie (Gaikokuho Joint Enterprise)
Attorney-at-law Junko Suetomi
Attorney-at-law Hideyuki Yamamoto
Yodoyabashi & Yamagami Legal Professional Corporation
Attorney-at-law Akio Shinomiya
Attorney-at-law Kazumasa Kawai

(4) Supervisor Nagashima Ohno & Tsunematsu
Attorney-at-law Nobuaki Kobayashi
(5) Investigator idem
(6) Case no. 2014 (sai) 12Civil rehabilitation commencement application

Contact information
. A Call Center HAS Been established to respond to all inquiries The Call Center IS Planned to start on March 3, 2014 All inquiries to MtGox Co, Ltd SHOULD BE made ​​to the telephone number Following:...
Telephone number +81 3-4588 -3921
Working hours Monday to Friday 10am to 5pm (Japan time)

Please refrain from contacting the office of the supervisor / investigator.
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