The Tokyo District Court on Wednesday declared both Kinmirai Tsuushin Inc. and its president, Masaru Ishii, bankrupt after the firm, which claimed to provide Internet telephony services, came under investigation on suspicion of defrauding investors.
The court appointed lawyer Ginjiro Suzuki as administrator to supervise the bankruptcy procedures. The amount of debts left behind by Kinmirai Tsuushin is unknown.
The administrator will hold a meeting on May 30 at the courthouse to brief creditors on the current state of the company's remaining assets.