Thinking of this subject, I'm no bankruptcy expert of coarse, would the account holders be creditors? After all they did not actually lend the BTC they deposited it.

When banks go bankrupted in the U.S. the account holders do loose their funds but that is why we have FDIC Insurance in the U.S and regulations.

Sorry guys this is why the Governments warn against BTC because it's not regulated, which is of coarse why we all love it, but these Government and Banking Agencies are and will use this as a reason to try to slap down some regulations on BTC. We are not going to get any sympathy from them as a result.

Now I think, again I'm no expert, if they do consider the Depositors Creditors and it works like the U.S. each and every Depositor will receive letters from the Bankruptcy Trustee asking you to submit a claim on what you think you're owed and if you do not respond you get nothing. Simply dividing the BTC up between account holders is not a viable way of handling the situation because it wouldn't be far if the guy who deposited 10 BTC gets paid in full and the guy who deposited 10,000 BTC gets a partial payout.

This being said the other question is does the Japanese Government even consider BTC property or a currency? If they don't then we are all SOL. If they do the funds will go to secured creditors first, unsecured creditors second, and again I don't think a depositor is considered a creditor at all but they'd be dead last.

Bottom line is I don't think any of us are going to have any rights to that found BTC IMO.