Creditors of Mt. Gox who have experienced losses are required to choose a payment schedule and enter their details in an online rehab claim filing system.
It has been communicated to the creditors of Mt. Gox that they have until this coming Friday, March 10, to register and identify the mode of repayment that they like.
The announcement (1), which was made public by the trustee of Mt. Gox, Nobuaki Kobayashi, is consistent with the attempts of the bankrupt exchange to reimburse creditors for the damages they incurred.
To this aim, Kobayashi sent out a notice on Tuesday on the earlier notice that was given in January.
The initial rehabilitation plan offered in October stated that creditors of Mt. Gox who had suffered losses were required to submit their information into an online rehab claim filing system. That would be by the end of the month of January.
In addition to that, they need to decide the mode of payment they will use. But, due to circumstances that are being kept confidential, Mt. Gox has decided to extend the enrollment period until this coming Friday.
Remember that 99 percent of the creditors impacted by the crash of Mt. Gox had approved a draft of the rehabilitation plan in October of 2021.
A month later, Kobayashi announced that the plan was “final and binding,” having acquired a ruling from a court in Japan about the matter.
Creditors of Mt. Gox Stand to Recoup a Portion of Their Losses
According to the estimations and calculations of industry professionals, the losses that resulted from the failure of the Mt. Gox exchange are expected to be in the billions of dollars.
Nonetheless, preparations are now in place to assist some of the company’s creditors in recouping some of the money they had lost.
Creditors will have the option of receiving either a single payment in one lump sum or a bank remittance. Users also have the option of using a cryptocurrency exchange or a custodian, as well as a provider of services for the transfer of funds.
Meanwhile, it is important to highlight that there is not yet a specific deadline established for creditors to receive their repayments. There is also no clear declaration that explains how the debts owed to creditors will be paid back. That is, in either cryptocurrency or traditional currency.
Notwithstanding this, it is reasonable to anticipate that the process of making payments could take as long as several years. On top of that, it’s possible that you’ll be paid in installments.
According to what it’s worth, the most recent update from Kobayashi might very well be the final announcement about the creditors’ rehabilitation plan.