http://www.reuters.com/article/2014/02/28/us-bitcoin-mtgox-bankruptcy-idUSBREA1R0FX20140228This implies that it is similar to chapter 11 bankruptcy in US, which means the reorganization of operations. It requires a plan to implement this reorganization for feasible (able to continue operations) and fairness (creditors are respected based on priority). I think there's also a requirement that creditors accept this plan in order for it to be implemented.