MtGox trustee testimony ordered by May 23; recognition hearing June 17

By Kali Hays

New York, May 8 - MtGox Co., Ltd.'s trustee and foreign representative, Nobuaki Kobayashi, must submit his testimony and documents in support of the company's Chapter 15 recognition no later than May 23, according to a Wednesday order with the U.S. Bankruptcy Court for the Northern District of Texas.

A hearing on the company's petition for Chapter 15 recognition is scheduled for June 17.

As previously reported, the Tokyo District Court appointed Kobayashi as the company's asset administrator upon deciding the company should be put into provisional administration after dismissing its application for civil rehabilitation.

The company said an investigation related to the disappearance of bitcoins and missing funds has been ongoing since the rehabilitation proceeding was filed in late February. MtGox said the investigation will take some time, and there are currently no prospects for the restart of the business.

Kobayashi was also appointed the company's trustee in an order beginning bankruptcy proceedings with the Tokyo Court, giving him exclusive authority to administer and dispose of MtGox assets.

Another status conference on the company's progress will be held with the Texas Court May 27.

MtGox is a Tokyo-based online bitcoin exchange operator. The company filed Chapter 15 bankruptcy on March 9 under case number 14-31229.

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