"I'm unclear on the legality of your rights to the shares" 1....

"I'm unclear on the legality of your rights to the shares"

1. You can claim your tax loss after any company gets into admistration. A letter is needed for this admistration. Administration means a bankruptcy.
2. If a company is in admistration and you have declaired your tax loss, you still hold your shares. If the company comes alive latter you need to declair anything you get from this company as tax gain.

So we coud declare tax loss actully two years ago and anytime after the administration. If NP comes back to $8 and MBN comes back at $0.001-1 or more, it is your capital gain which needs to pay tax for this capical gain. For example,
1. I have 270,000 shares,
2. one year later the shares are at $1,
3. I have to pay tax for the gain of $270,000 since my tax loss claim has erase my capital to zero!

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By the way, you can claim your tax loss if a company is unlisted and you have sold your share through delist.com.au.

The shares legally don't belong to you anymoe. Sometimes they are still registered in your name after your sale in delist, which is good if the companies could come back and you need to pay your capital gain for the shares under your name.

A letter from delist is enough to claim tax loss.