Yes, they may do that for him now (although all brokerages have different qualifications to do so). Even though delisted, locked, corporation revoked for failure to file/pay, etc., the shares actually still exist, in an odd way.
That is why some have had them removed already and some couldn't. Other brokerages (on legal advice) actually buy them from you for a small amount - most commonly equal to the amount of the service fee - and end up holding them in their own trash basket.
BUT - maybe he should just keep them there - as a reminder of the hopefully learning experience, for forever.
By even bringing the money in the account up, I'm not sure he does appreciate the separation and differentiation: The stock still represents a fairly large LIABILITY (of debts and unfulfilled obligations of the business), that if it wasn't a corporation (which then discharged these in C-7 Bankruptcy) and he simply owned a part of the business directly - that money would have been subject to seizure by those that were owed the debts.
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