delisted shares due to bankrputcy

MarcoM

Hello I had a number of shares in cineworld which is now bankrupt.
The shares are delisted but I still had them up to delisting.

Can I put these towards capital gain tax losses? 

Regards

wmb194

MarcoM said:

Hello I had a number of shares in cineworld which is now bankrupt.
The shares are delisted but I still had them up to delisting.

Can I put these towards capital gain tax losses? 

Regards

If you want to play it by the book there's an HMRC webpage that lists all of the companies for which it accepts shares have negligible value but I don't see Cineworld on it currently. Going by Companies House, Cineworld entered administration in August; obviously what you need to know in order to calculate your loss is whether there will be any distributions to shareholders. To use the capital loss sooner rather than later it looks like you'd need something from the administrator: see screenshot below. Otherwise wait for it to appear on the HMRC webpage linked below.

https://find-and-update.company-information.service.gov.uk/company/05212407/filing-history

https://www.gov.uk/guidance/negligible-value-agreements

MarcoM

many thanks

p.s. should i write to the administrator listed on the companies house page?

wmb194

MarcoM said:

many thanks

p.s. should i write to the administrator listed on the companies house page?

That would be the one, but there might be a website documenting what's going on.

Having a quick look, on 29/06/23 Cineworld issued an RNS in which it states,

"As previously announced, given the level of existing debt that is proposed to be released under the Plan, there will not be any recovery for holders of Cineworld's existing equity interests."

So to me it looks like a fait accompli. 

https://www.investegate.co.uk/announcement/rns/cineworld-group--cine/confirmation-of-plan-of-reorganisation/7601722

Nardy

I took a punt on Cine world, I invested £50 when their shares were trading at 1.01p/share.Bizarrely, Interactive Investor have moved them from my ISA to my Trading Account. I appear to have 4196 shares that have no value in something that doesn't exist.

MarcoM

cineworld are yet another case where shareholders have been left in the proverbial yet the owner has managed to somehow save the value of his shares...never mind not ending up in jail....