The ability of shareholders to find buyers; or buyers to...

The ability of shareholders to find buyers; or buyers to sellers; such as with a public exchange is independent of whether a business is a going concern and can pay its bills.

Some businesses volunteer to delist when their shareholders are not actively using the public listing; and the company doesn’t want the expense anymore.

They are still public companies, still having ASIC requirements of a public company, but are a non-listed public company.

ASIC provides a mechanism for non-listed public companies with “low volume market” regulations.

http://www.kdltd.com.au/Low_Volume_Market_IntroductionFor example, K&D Limited is a 90 year old non-listed public company based in Hobart. It publishes annual reports and provides a facility for buyers and sellers to find each other http://www.kdltd.com.au/Low_Volume_Market_Introduction

If a company is disqualified from LVM rules, then I guess they need to list again. If not the ASX, then there is the smaller NSX.

Or perhaps it relists in a diff country.

Through all these permutations a share is a share of a running business that might be marking internal profits and/or distributing dividends to shareholders.

This is my understanding of the universe on this topic.