If a CryptoWallet was cancelled, what would happen to the currency it contained?

[JLCoin]

a) By an individual
b) By the company

[Raist]

It is not very clear what do you mean by "cancelled". But anyway if the cryptowallet from the "coin" cryptocurrency (like BTC or LTC) was lost, and wallet.dat was deleted then all the currency in this wallet went to nirvana and was eaten by Langoliers. As an example you can imagine that you have burned you fiat dollars in fireplace.
The situation is different with Ethereum-like cryptos and Nxt. Generally speaking the wallet in this case is your private key together with password or the password alone. But again - if you forgot/lost those currency is lost.
It is interesting philosophical question about what is happening with energy of the lost cryptos... but this theme is for another forums.
As you understand it doesn't matter who will burn fiat dollars company or individual.
Hope it helps.

[JLCoin]

Interesting, thanks! Wouldn't that mean that over time, there will be fewer and fewer bitcoins/satoshis available? Wouldn't that drive up the market value or potentially mean that the amount available would be insufficient for mainstream use?

[Raist]

It is really question for dissertation.
1) In USA for example general public spends are about 5 trillion a year (let us imagine this for simplicity without m aggregates). So we have 5 and 12 zeros. With decimals we have 5 and 14 zeros. There are 16 million BTC today that means 16 and 6 zeros and 8 zeros from decimals. 16 and 14 zeros total. As you can see even if we imagine that BTC today allows as much transaction as for example Visa system it is absolutely impossible to use it even for US economy.
2) Fiat money have inflationary nature. To say simple there more and more fiat yearly. It is a must! New jobs, new opportunities, new goods, new services and... new fiat. Here is the mission of the Fat Cats and The Powers To Be - too many and too few new fiat leads to abnormal situations in economy. BTC has deflationary nature. You are absolutely right - people are loosing coins, there will be no new coins, so theoretically price can grow without limits. But it will not.
The problem with BTC is the same as with gold standard - this system (based on real gold) could not provide conditions for the economical growth in the beginning of the last century and, very arguably, became on of the reasons of the WW. Deflation is much worse than inflation. 
3) So why BTC is here? Many reasons, but Imao BTC as the coin will never be used as mainstream "money" in the fiat meaning of the word. It can be speculative instrument, promissory note, digital analogue of gold reserves but not an everyday currency.