MtGox goes to company rehabiltation proceedings.Tokyo district court issued civil revhabilitationl decision on 22 June.Bankruptcy decision is stayed till the authorisation of the revial plan approval.
Tokyo Shoko Research reported this yesterday.
Time line is follows;
Feb 28,2014 Mt.Gox applied civil revival decision
Tokyo District Court decision to Civil Rehabilitation proceedings
April 24,2014 Tokyo district court decided Bankruptcy decision
The price of Bitcoin skyrocketed during Bankruptcy procedure.
Based on Bankruptcy law section 103,credit shall be estimated based on the price of the beginning of the Bankruptcy proceedings.
It means that the price will be estimated the price on April 23,2014=483 dollars/1 bitcoin.
If the bankruptcy proceedings goes on,creditors will receive 100 percent of the estimated credit and the surplus will go to shareholder of Mt.Gox.
Under the Civil Rehabilitation proceeding,the creditors can approve the plan that is not bounded above Bankruptcy law section 103.It means that they can be paid by based on Bitcoin market price.