When a company runs into trouble, trading in its shares can be halted — a suspension — often while it negotiates with lenders or can't publish its accounts. A delisting removes the shares from the exchange altogether, which makes them very hard to sell. If the company can't pay its debts — insolvency — administrators sell what's left and pay people back in a fixed order: the creditor ranking.
Ordinary shareholders come last. Broadly, secured lenders, the costs of the insolvency and preferential creditors such as some staff claims and certain taxes are paid first, then other creditors, and only then shareholders, who usually get nothing. In the app a delisted holding keeps its last price, so it can look healthy while it's frozen; the Portfolio page flags holdings it can no longer price and suggests where a moved listing went. If a price does go to zero, the app counts the remaining cost as a realised loss.
Shareholders own the upside, and stand last in line for whatever's left.
Educational content only. It is not personal financial advice.