ASX Changes Listing Rules, page-43

If the company is insolvent and cannot continue as an ongoing concern then the doors will close and will be delisted, if the underlying business is sustainable then this will trade again.
If there is illegal activity involved then those people involved will be charged and replacements will be made. ASX and ASIC are in the spotlight at the moment so they will be making sure of all the crossing t's and dotting i's to make sure when trading begins it is to an informed market. To close down a sustainable business is not in their mandate.