Ann: Bankruptcy, Resignation of Directors and ASX Delisting, page-11

I've had a bit of experience with catastrophe. Technically (I mean "legally" if audited) you can't claim a loss until it's wound up and pronounced dead.

The info on delaited above about being able to declare in the year "the administrator or liquidator declares the shares worthless or the financial instruments to have no value or negligible value" is important but you have to wait for the Administrator to formally do this. In most cases the effect is the same

As TP said, this can be quite a long time.

As an example, I still hold shares in a Patrick Grove vehicle called E88 which went into suspension in 2016. Last month the company was taken private but there is still no tax loss because they are still "managing" the business - try not to laugh.

Many don't quite get why this is but most do know there is residual value including the shell.

So while you may not get a cracker from the held assets you could wind up being the beneficial owner of some shares in a vehicle back-doored into it in 18 months time. This has happened to me and is the reason you can't claim a loss until the fat person sings.

My E88 lesson was the main reason I bailed on AXP at $0.14.

If I think there's a chance of administration, I get out. No point making a bad situation longer and worse.

We all make mistakes (me more than most). I hope you all have a speedy demise.