They were in the prem and bent all sorts of rules. A club in the FL would be allowed to go under IMO. Maybe someone like Wigan or Fulham if they go down. Theyve only been kept afloat by a wealthy owner in the prem, if that owner did a Simon Jordan, theyd be doomed.
They were still bending the rules when they came down to the Football League (and some would say still are)