Mt. Gox, formerly the world’s biggest exchange for the digital currency Bitcoin, has moved closer to liquidation after a Tokyo court dismissed the company’s bid to resuscitate its business, said the court-appointed administrator.
Mark Karpeles, its chief executive (CEO), also potentially faces investigation for liability in the collapse of the Tokyo-based firm, the provisional administrator, lawyer Nobuaki Kobayashi, said in a statement published on the Mt. Gox website.
“The Tokyo District Court recognised that it would be difficult for the company to carry out the civil rehabilitation proceedings and dismissed the application for the commencement of the civil rehabilitation proceedings,” he said.
Mt. Gox filed for bankruptcy protection from its creditors in Japan after shutting down on 25 February, saying it may have lost some 850,000 Bitcoins – worth around US$454m at current rates – due to hacking into its computer system. It later announced that 200,000 had been located.
In its order for provisional administration, the court put the company’s assets under Kobayashi’s control until bankruptcy proceedings officially commence and a bankruptcy trustee is named.
“It is expected that, if the bankruptcy proceedings commence, an investigation regarding the liability of the representative director of the company will be conducted as part of the bankruptcy proceedings,” a statement read.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.