Mt. Gox Files for Chapter 15 US Bankruptcy Protection

Troubled Japan-based bitcoin trade Mt. Gox has filed with regard to Chapter 15 bankruptcy safety, an ancillary form of personal bankruptcy that will complement its main Tokyo District Court declare issued on 28th feb.

US section 15 bankruptcy provides particular protections in cases of cross-border bankruptcy, and is based on UN design law. Both Japan and the US have adopted section 15 bankruptcy in an effort to much better protect the interests associated with shareholders and maximize the value of debtor assets in cross-border bankruptcies.

At the time of its filing, Mt. Gox claimed an outstanding debt associated with ¥6. 5bn ($ 63. 6m), and indicated that will 850, 000 bitcoins had been lost or stolen from its exchange.

Continue reading at CoinDesk


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