Report on the Creditors Meeting on March 24, 2021

The trustee submitted the Draft Rehabilitation Plan to the Tokyo District Court on December 15, 2020.  In response to this, the Tokyo District Court made an order to refer the proposed plan for resolution on February 22, 2021  The deadline for online voting and written voting is October 8, 2021.

In addition, the Creditors Meeting was held on March 24, 2021.  At the Creditors Meeting, the Status Report and the outline of the Draft Rehabilitation Plan were distributed.  The trustee reported and provided explanations based on the handouts. These handouts can be accessed from the creditor materials in the Creditor-only page on the MTGOX website.

Below is a brief explanation of the Draft Rehabilitation Plan presented at the creditors meeting.

The Draft Rehabilitation Plan provides that the trustee will distribute basic payment, which is up to \200,000, and prorated payment, to the rehabilitation creditors.  There are two types of prorated payment: early lump-sum payment, and final payment; and the rehabilitation creditors can choose one of them. If creditors choose early lump-sum payment, they will receive a 21% payment at the time of basic payment. On the other hand, according to the trustee’s estimation, the final payment rate is expected to be a minimum of 6% and a maximum of 23.6%, depending on how many disputed rehabilitation claims are allowed.

The next creditors meeting will be on October 20, 2021, which is the meeting for the resolution of the Draft Rehabilitation Plan.  However, please note that there is no statement as to when online voting and written voting will begin.  The trustee said that he will hold a briefing session after the confirmation of the Rehabilitation Plan, and will provide more detailed explanations regarding the payment, such as how much the early lump-sum payment will be and what the prospect of the final payment will be.

Order to extend the date of Submission Deadline for Rehabilitation Plan

The Rehabilitation Trustee filed a motion to seek an extension of the submission deadline of rehabilitation plan at the Tokyo District Court, and, on April 24, 2019, the Tokyo District Court issued an order to extend the deadline for a rehabilitation plan from April 26, 2019 to October 28, 2019.

For details, please see the URL below.