I don't think he could continue as a director if it failed twice. I've just been reading this interesting thread - interesting to see the list of clubs that have gone to the wall over the years (towards the end of the document).
http://www.playthegame.org/upload/billeder%202007%20konference/speakers/speakerdocuments/beechjohn.pdf
On page 29 it says "anyone who has been a director of a club that has been in administration twice in a 5 year period....." would not pass the Fit and Proper Person test, so effectively be barred from being a director of a football club again.
I'm sure this happened to a northern team recently, but I can't for the life of me find out any more.
CS I've always thought Jacksons Farm was instrumental in all this. However, IF the club went into administration I don't think they would end up with it.
Surely, as an asset, it would be sold to put into the fund to pay off creditors?
And let's not forget Bransgrove who's a pal of Marland and who has (allegedly) been a naughty boy too.
http://www.guardian.co.uk/sport/2009/jan/27/digger-ecb-marland