????2月28日星期五，比特幣交易平臺(tái)Mt. Gox根據(jù)日本《民事再生法》【Civil Rehabilitation (MinjiSaisei) code】向法院遞交了破產(chǎn)申請(qǐng)，宣布已經(jīng)破產(chǎn)，同時(shí)向債權(quán)人尋求保護(hù)。這家公司在官方網(wǎng)站上發(fā)表聲明稱，公司希望進(jìn)行重組，繼續(xù)運(yùn)營，“以提高向債權(quán)人的還款。”

????倫敦的另一家比特幣交易服務(wù)商Selachii LLP公司聞?dòng)嵙⒓凑偌艘蝗菏芎φ呦騇t. Gox公司發(fā)起了集體訴訟，指控它涉嫌嚴(yán)重過失和詐騙。美國伊利諾斯地區(qū)法院也接到了針對(duì)Mt. Gox的詐騙訴訟。由于這次Mt. Gox造成的損失高達(dá)5億美元，全球各地的法院無疑還會(huì)接到更多類似的訴訟案件。

????這種民事訴訟還是很必要的，原因不是很明顯，但也很簡單：Mt. Gox的失誤導(dǎo)致成千上萬人委托給其交易的比幣特和合法貨幣蒙受了損失。但這些人不是債權(quán)人，Mt. Gox的破產(chǎn)程序不能直接幫助他們挽回?fù)p失的財(cái)產(chǎn)。

????就像大多數(shù)破產(chǎn)程序一樣，Mt. Gox的民事重組只能解決債務(wù)問題，包括貸款、未償還的服務(wù)債務(wù)以及投資。由于Mt. Gox背后沒有像美國聯(lián)邦存款保險(xiǎn)公司（FDIC）這種為存款提供保險(xiǎn)的金融機(jī)構(gòu)支持，因此在這種情況下，民事訴訟成了儲(chǔ)戶能追回?fù)p失的唯一一條明顯的途徑。

????民事重組之路

????東京Anderson, Mori &Tomotsune公司的永井一彰（音譯）指出，日本的民事再生程序與美國破產(chǎn)法第11章的重組程序有很多共性，Mt. Gox下一步首先要等待民事再生申請(qǐng)的司法批準(zhǔn)?！霸跇?biāo)準(zhǔn)情況下，是否受理的決定從申請(qǐng)之日起一周的時(shí)間就能下來”，也就是，說可能3月7號(hào)星期五就能有結(jié)果。不過，永井一彰也表示：“這個(gè)案子的情況很復(fù)雜，所以可能要多花些時(shí)間。”

????同時(shí)，也不能排除法官最終不批準(zhǔn)民事再生的可能——比如如果真的存在明顯的欺詐證據(jù)，或者如果法官認(rèn)為重組計(jì)劃不太可能被債權(quán)人投票通過的話。

????法院批準(zhǔn)Mt. Gox民事重組申請(qǐng)的時(shí)機(jī)也會(huì)產(chǎn)生重大的影響，因?yàn)楦鶕?jù)日本《民再事生法》第124條規(guī)定，它所承擔(dān)的債務(wù)會(huì)按重組開始時(shí)的市值進(jìn)行登記。這給Mt. Gox兜頭澆了一盆冷水，因?yàn)镸t. Gox公司一份泄露出來的《危機(jī)策略方案》文件中曾提到，這家公司還癡心妄想用跌到谷底的內(nèi)部價(jià)格為債務(wù)估值。另外自Mt. Gox申請(qǐng)破產(chǎn)重組以來，比特幣的價(jià)格又回升了大約20%，因此大大提升了Mt.Gox未償債務(wù)的價(jià)值。

????不過，《民事再生法》第124條也允許法院在公司重組過程中按照持續(xù)經(jīng)營基準(zhǔn)裁定其債務(wù)估值?？紤]到比特幣幣值近年來的波動(dòng)性，這意味著Mt. Gox的債務(wù)可能會(huì)越還越高，但反過來，假如比特幣這個(gè)概念在“蒸發(fā)門”之類的打擊下徹底崩盤的話，這些債務(wù)也有可能會(huì)縮水到幾乎一文不值。

????一旦民事重組申請(qǐng)獲得批準(zhǔn)，Mt. Gox就要提交一份重組方案，其中包括向債權(quán)人償還債務(wù)的方案。與此同時(shí)，債權(quán)人則需要提供詳細(xì)的債務(wù)證明，一方面是為了證明債權(quán)關(guān)系，另一方面也是為了獲得重組方案的投票權(quán)。

????On Friday, Feb.28, the bitcoinexchangeMt.Gox filed for bankruptcy under Japan's Civil Rehabilitation (MinjiSaisei) code, revealing that it was insolvent and seeking protection from creditors. On its website, the firm stated that it hoped to restructure and continue in business "in order to increase repayments to our creditors."

????Almost immediately, the London-based firm Selachii LLP, which has provided services to many bitcoin businesses, began assembling a class action lawsuit against the management of Mt.Gox on the basis of suspected negligence and fraud. A similar fraud suit has been filed in the Illinois District Court in the United States. More cases will almost certainly be filed as the international legal system attempts to process the loss of nearly half a billion dollars in investments.

????The civil suits are necessary for a simple but not quite obvious reason: The tens of thousands of people whose bitcoin or fiat currency were held and then apparently lost by Mt.Gox are not creditors, and the bankruptcy process will not directly help them regain their property.

????As with most bankruptcy processes, civil rehabilitation will address only debt obligations including loans, outstanding service debts, and investments. In the absence of any FDIC-like backing, civil litigation is the only apparent path for depositor recovery.

????The path to civil rehabilitation

????The civil rehabilitation process has many commonalities with American Chapter 11 restructuring. According to Kazuaki Nagai of the Tokyo firm Anderson, Mori &Tomotsune, the immediate next step will be judicial approval of the filing for civil rehabilitation. "In the standard case, the decision is made one week from the date of petition," which means it could come as quickly as Friday, March 7. However, Nagai warns, "In this case, it's very complicated, [so] it may take more time."

????There is also the chance that a judge may deny the application for civil rehabilitation -- if, for example, there is patent evidence of fraud, or if it is judged unlikely that a voting body of creditors would approve a restructuring plan.

????The timing of any acceptance of Mt.Gox's application for civil rehabilitation will have major implications because, according to Article 124 of Japan's civil rehabilitation code, liabilities may be registered at market values when rehabilitation commences. This throws cold water on Mt.Gox's delusional habit of valuing its obligations at its rock-bottom internal price (referenced in the leaked 'Crisis Strategy Draft' document). Moreover, the price of bitcoin has recovered by around 20% since the initial filing, vastly increasing Gox's outstanding liabilities.

????However, Article 124 also allows the court to order that valuation of liabilities be made on a continuing basis as the company restructures. Given bitcoin's volatility in recent years, this could leave a restructured Mt. Gox chasing an ever-mounting pile of obligations to bitcoin-denominated creditors – or it could mean those debts shrink to nearly nothing, if bitcoin collapses under the weight of failures like Mt. Gox's own.

????Once the filing for civil rehabilitation is approved, Mt.Gox will be expected to assemble a proposal for restructuring, including proposed repayments for creditors. At the same time, creditors will need to file details of what they are owed, both to establish claims and to gain voting rights over the proposal.