I think it means that the rego is still active but the owner hasn't paid for it yet and has let it expire. If your rego expires you get X amount of time to pay it before you have to completely re-rego the car and go through inspections again etc. This car would be in the X period.
I think what this means is that within 3 months after it has expired you can still transfer it as if it has registration - get the RWC, tranfer rego papers, stamp duty. After the 3 months is up it becomes an Unregistered vehicle and you have to go through the process of registering it again.
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