closing value for tax ?, page-2

I'm not an accountant so don't rely on this post. I'm pretty sure that you hold them as $0.12 but you cannot treat it as a loss since no loss event has occured (eg you haven't and cannot sell them at them moment).

You won't be able to write them off (an thus incur a capital loss) legally just yet, you need a liquidator's or administrator's declaration for that. The insolvency practicioner needs to be comfortable that there is no chance for a repayment to shareholders. See the corresponding recent declarations made for BNB and AFG for example, and section 104-145 of the Income Tax Assessment Act 1997 (google it for more info).

Again, just pointing you in what I think is the right direction, and NOT providing tax advice.