California Resources Corp. has filed chapter 11 for bankruptcy and trading has been suspended from NYSE. The company will be available for OTC trading.
We’ll proceed with all holdings accordingly, once we receive further & final information concerning this specific event.
However, the OTC Market is a completely different type of exchange and trading structure to the NYSE, and many brokers including us, have no access to it at the moment.
We will be working towards getting access to this type of exchange and hopefully we'll have it running again in 1-2 months.
This also applies to other companies that have been delisted from the market and are currently traded on the OTC market only.
Stocks trading on the OTC market are not permitted to be held in an ISA. We have an obligation within 30 days of delisting, to remove any such holdings from the ISA accounts. You can, however, sell the securities you're holding but we cannot provide market data beforehand. If you hold stock in an ISA and have not sold it yourself, we will liquidate it at the end of the 30 day period. The proceeds will stay in your ISA.