This is all that happens when shareholders are ripped off and...

This is all that happens when shareholders are ripped off and the directors just neglect to provide any information for a couple of years. Anyone know if I can declare this as a tax loss? All I can say is I'm glad I have a trainload of EGO.

http://www.lexisnexis.com.au/blogs/corporations-law/2011/06/default.aspx

A Victorian public company has been fined $15,000 by the Melbourne Magistrates Court for failing to lodge its annual financial reports with ASIC and not reporting to its members.

An ASIC investigation found that between 1 November 2008 and 18 November 2010 Fulcrum Equity Limited failed to hold an annual general meeting, and its company director and secretary, Michael Boyd, failed in his obligations to lodge the company's financial report, directors' report, auditor's report or a concise report for the financial year in breach of ss 314 and 319 of the Corporations Act 2001.

Mr Boyd pleaded guilty to the offences but had no conviction recorded against him.