But the real question... what will happen with .io TLD? (British Indian Ocean Territory's)
It should eventually get removed by ICANN, since the country code TLDs are managed by ISO 3166-1 alpha 2 (it's however not an exact match), and the transfer will mean the British Indian Ocean Territories will no longer exist. ISO is going to be the entity in charge of removing the io country code, which it probably will do since ISO 3166-1 alpha 2 isn't just used for domain names. There's a standardized process for t…
To my mind, the only reason to unregister a TLD would be the TLD falling into disuse (the registrar having gone incomunicado, too-level DNS servers unmaintained, etc), and nobody agreeing to pick it up at the price of a new TLD ($1M?).