Sentences with phrase «civil rehabilitation»

By 2014, Mt. Gox was handling 70 percent of all Bitcoin transactions worldwide, when it filed for civil rehabilitation followed by bankruptcy less than two months later — because large amount of BTC were found to be missing.

In a traditional civil rehabilitation, once the court gives the green light, it typically takes six months for the plan to be finalized — meaning optimistically, creditors could begin to get paid, preferably in Bitcoins, as soon as late this year.

Bringing MtGox up through japanese civil rehabilitation under a new management and ownership sounds actually more and more easily done than before.

To achieve that, the 33 - year - old French national said he met with the bankruptcy trustee appointed by the Tokyo court to commence civil rehabilitation proceedings.

Karpeles said that he is advocating for Mt. Gox to be moved into civil rehabilitation, which would give creditors the ability to vote on the exchange's future.

A lot comes down to a pending court ruling that will determine whether Mt Gox can enter civil rehabilitation.

As it needs to continue its business to increase repayments to its creditors, the company has opted for bankruptcy protection — or what is known as civil rehabilitation in Japan.

The bankrupt Mt. Gox Bitcoin exchange took another step toward oblivion when the Tokyo District Court dismissed its application for civil rehabilitation and steered it on a path to liquidation.

Their petition for «civil rehabilitation» of Mt. Gox, filed in November, is now pending before the Tokyo District Court; an outside examiner recommended in its favor in February.

Folsom, an American who worked for Bain & Co. in Tokyo after college before founding one of the first private equity firms in Japan, hired the biggest Japanese law firm and petitioned the court to change the bankruptcy to a so - called «civil rehabilitation.»

Some very disconcerting news for fans of the game company Atlus: Index, Japanese business and Atlus» parent company, has filed for «civil rehabilitation» — essentially the Japanese version of bankruptcy.

«One of the ways to do this would be civil rehabilitation, and as it seems most creditors agree with this, I am doing my best to help make it happen,» he said.

Civil rehabilitation is a bankruptcy law in Japan allowing a company to force a lender to change the terms of a loan in order to alleviate the company's bad debt.

In particular, Karpeles further highlighted his intent to support a «civil rehabilitation» plan that would find the exchange advocating for creditors to be reimbursed in bitcoin, a proposal he's separately highlighted in past blog posts on the matter.

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 that of the whole bitcoin community.