It is to be regretted, but fully understandable due to lack of funds, that Capita will not maintain the share register. There are not even enough resources to meet the cost of having the data transferred to a simple PC based system, and therefore there will be no amendments to the Register post July 28th 2005 when Capita ceased there duties. Combined with there being no directors to authorise any changes to the Register, this will cause difficulties for anyone wishing to transfer their shares as no such transfer can take place, and will cause difficulties for those applying for probate upon the death of a shareholder.
Many shareholders have asked when the company will become worthless for the purposes of Capital Gains Tax. That is now only likely to be when the Registrar of Companies decides to “strike off” the company from his register, but that is unlikely to be within the next 12 months even though the company has not traded for many months, but it is now inevitable not least as there are ever increasing fines accruing daily for failing to file accounts, which fines cannot be paid.
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