Administrators have applied to de-list bankrupt training group Carter & Carter from the London Stock Exchange. Investors are due to get nothing for their shareholdings.

The cancellation is expected to take effect at 8am on March 25.

Joint administrators Nick Fargan, Dominic Wong and Chris Farrington from Deloitte & Touche were appointed on March 11 after cash-strapped Carter & Carter's banks pulled the plug on its restructuring plan. The group had expanded too rapidly since its listing on the Alternative Investments Market (AIM) in 2005, leaving it with massive debts. Trading in its shares was suspended last September after irregularities were found in its financial reports.

In a statement this morning, Carter & Carter said: "The joint administrators are working with the company's management team, the Learning and Skills Council, the Department for Work and Pensions and other interested parties to secure the ongoing survival of the group's businesses.

"However, the joint administrators do not expect that any value will be returned to the company's shareholders out of the administration.

The business was founded in 1992 by Philip Carter with a contract with Vauxhall Motors. Carter died last year in a helicopter crash.