Looking for some clarification, please. I’ve been asked to do...

Looking for some clarification, please. I’ve been asked to do some research for a friend of mine who has limited capacity getting around the internet. Unfortunately, my personal knowledge in stock market processes are limited. He is just over $40k in the red with AC8 shares. Obviously, he has taken some bad investment advice. Fortunately, he managed to get some good advice on other investments but has had to sell a large portion of them which made him around $50k profits but will incur a decent whack in capital gains. From my understanding of what I’ve been reading, am I understanding correctly that AC8 is currently unlisted and IF they do not relist, there is no avenue to claim any losses? If the company is relisted, does that get him any closer to writing off the losses or is it still a waiting game until the company goes through some sort of liquidation process? Any info would be appreciated.