Mt. Gox trustee invites creditors to vote on rehabilitation plan

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The trustee appointed to administer the remaining assets of failed cryptocurrency exchange Mt. Gox has said creditors can now vote on a proposed rehabilitation plan, with the opening of an online voting facility.

Court-appointed trustee Nobuaki Kobayashi had already filed the plan with a Tokyo District Court in late 2020, before subsequently publishing a revised plan in February 2021. The latest version of the plan will now be put to creditors for their approval, with a positive decision resulting in a dispersal of the defunct firm’s remaining assets.

In a “Notice of Release of Online Voting Function,” the trustee invited creditors to consider and vote for the plan, should it meet their approval.

“We are pleased to inform you that the online voting function has been released on the online rehabilitation claim filing system (the online system).”

The deadline for voting has been set at October 8, 2021. Within the document, Kobayashi says parties should not leak or otherwise disclose details of the plans to others, most notably the terms relating to the rehabilitation plan for third parties.

“If you do not vote, you will be deemed to have voted against the Draft Rehabilitation Plan for the requirement of the amount of the voting rights. Upon approval of the Draft Rehabilitation Plan and the Tokyo District Court’s confirmation order becoming final and binding, the Rehabilitation Plan will become effective, and repayments will be made in accordance with the Rehabilitation Plan.”

As an alternative to the online vote, all creditors will be mailed paper copies of the voting form and associated documents, though they have been asked not to vote twice.

“Once you have voted online, you are not required to vote using a voting form (i.e., please refrain from voting twice). If you are a creditor with voting rights who has registered on the System, please vote online.”

The proposals give hope to creditors of Mt. Gox still waiting for the return of their digital currency several years after the collapse.

Follow CoinGeek’s Crypto Crime Cartel series, which delves into the stream of groups—from BitMEX to Binance, Bitcoin.com, Blockstream, ShapeShift, Coinbase, Ripple and
Ethereum—who have co-opted the digital asset revolution and turned the industry into a minefield for naïve (and even experienced) players in the market.