Usually removal from quotation/delisting from ASX occurs after...

Usually removal from quotation/delisting from ASX occurs after the two year anniversary of suspension.

At which point you are still a shareholder in the Co but you just can’t use ASX as the exchange in which to buy or sell shares in the Co. You have to find/make alternative arrangements to identify buyers and sellers.

Often, if there’s no value left in the business and your shares are effectively worthless, you can “sell” them to an outfit like delisted.com.au (who will charge you a fee that will exceed the nominal purchase price they are to pay you for the shares - so you are effectively paying them to take the shares off your hands so that you can record it as a capital loss. You could also presumably “sell” them at current estimated value to just about anyone else as an off-market transfer using the form the share registry provides.

Alternatively, wait around for a windup or for the shell to be reborn as something else, and likely relisted, in which case it’s much like a Lotto ticket.