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The saga of Mt. Gox and the exchange's descent into insolvency is familiar to anyone that is interested in bitcoin, as that has dominated the bitcoin news for many months. Mt. Gox filed for reorganization in Japan in February 2014 in a bid to save the company, however the Japanese court overseeing the insolvency ultimately refused to approve an attempt to reorganize the company.
As a result Mt. Gox was then formally put into liquidation and a trustee was put in place to take over all Mt. Gox assets. A corresponding chapter 15 bankruptcy proceeding was also filed in the United States, and the approval of that filing is still in limbo.
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Originally published by NewsBTC.
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