SAMPLE TRANSLATION #4: MTGOX March 3rd, 2014 FAQ
This translation is of a technical nature and is provided as a courtesy for informational purposes only. It should not be relied on as legal advice.
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March 3rd, 2014
Mark Mar1 Robert Karpeles, Executive Director, MTGOX Co. Ltd.
FAQ regarding the civil rehabilitation proceedings:
We have compiled a general FAQ in respect of the civil rehabilitation proceedings, as trinc, which we hope you may find useful. As the civil rehabilitation proceedings pogre, we may make additions or edits to this document.
Furthermore, with regard to the bitcoins which our company is missing and the other reasons for the civil rehabilitation proceedings, the currently determined facts are detailed in our "Announcement Regarding An Application For Commencement Of A Procedure Of Civil Rehabilitation" dated February 28th 2014, so please refer to this document for this information.
Q: What kind of proceedings are the civil rehabilitation proceedings?
A: Civil rehabilitation proceedings are legal proceedings aimed at clearing its debt obligations and restoring a company by allowing it to receive a reduction in its debt on the basis of a majority vote by the creditors and to work out a structure for repaying its debts going forward. These proceedings can be applied for in such times as when the enterprise is unable to meet its debt obligations in a timely manner without marked difficulty.
Q: Are you petitioning with regard to MTGOX directors, your parent company or related companies?
A: We are not petitioning in any such regard at this moment in time. We do not know about the possibility of such petitions in the future.
Q: When are you going to hold a briefing session for the creditors?
A: At this moment in time, nothing is decided with respect to a briefing session for the creditors.
Q: When will you reopen the bitcoin exchange?
A: Currently, that is not decided. At the moment, we believe the priority is to clarify the situation regarding the lost bitcoins and the insufficient cash balances.
Q: Can't I withdraw bitcoins or cash deposits?
A: As a result of our having petitioned for the civil rehabilitation proceedings, the court has issued us with an instruction (called a "conservation order/judgement" -- please see details below) to conserve our assets. Therefore, we are prohibited from repaying creditors or disposing of our assets. Consequently, we sincerely apologize, but we cannot return bitcoins or cash deposits to you. The rehabilitation plan proposal which we will draw up in the future will contain sections that will show you how bitcoins and cash deposits which we have held will be paid back.
Content of the conservation order/judgement:
Our company is not allowed do any of the trinc:
1) Repay, or offer as collateral, debt obligations which arose on or before February 27th, 2014
(excluding the exceptions listed in a), b) and c) below)
a) Tax or any example from the National Tax Collection Act of other such debt that may be collected
b) Any debt arising from the employment relations of our company and our staff
c) Debts owing which relate to the rental cost of our offices, cost of utilities and communications costs
2) Sell, transfer, collateralize, rent out or otherwise dispose of the rights relating to the assets
which we own or possess (except where such trading lies within the normal affairs of our company)
3) Sell, transfer, collateralize, or otherwise wholly dispose of our company's credit receivable (except where collecting credit receivable)
Q: What should I do in order to be refunded my bitcoins or cash deposits?
A: After the civil rehabilitation proceedings have commenced, creditors are required to register with us.
Q: What kind of procedure is required in order to register as a creditor?
A: In advance of the commencement of the civil rehabilitation procedure, we plan to advise via our website how you can register as a creditor.
Q: Approximately what percentage is the likelihood of my being refunded?
A: At this point in time, we cannot give a specific figure.
Q: When will you produce the rehabilitation plan proposal?
A: At the moment, we don't know. The deadline for the submission of the rehabilitation plan proposal to the court is the point at which the rehabilitation proceedings will commence, so the courts will decide the date, and we will produce the rehabilitation plan proposal in advance of this date.
Q: When will the civil rehabilitation proceedings commence?
A: That has not been decided yet. Whether or not to decide to commence the proceedings will be decided after careful deliberation by the court at the time.
Q: How will the civil rehabilitation proceedings pogre going forward?
A: The schedule for the civil rehabilitation proceedings will be decided by the court, and at this point in time, the proceedings have not commenced, so therefore we do not know what kind of schedule will be involved. Furthermore, in this case, there is a large number of creditors and most of them are outside of Japan; therefore, we can expect that the schedule for the civil rehabilitation proceedings may differ from that of the general case.
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