MtGox representative gets Chapter 15 recognition of Japan proceeding

By Kali Hays

New York, June 19 – MtGox Co., Ltd.’s trustee and foreign representative, Nobuaki Kobayashi, obtained Chapter 15 recognition of the company’s Japanese bankruptcy proceedings on June 19 from the U.S. Bankruptcy Court for the Northern District of Texas.

As previously reported, Kobayashi was 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.

The Tokyo District Court also 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.

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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