I really don't think it is in the football league's interest for that to happen. IF no one is prepared to buy the club with the terms they are setting out (lets guess and say that's to start the season on -25) then the football league have the choice on whether to comprimise or to let the club die. Now Tony seems to suggest that the league are looking to resolve this issue as well as the club but I imagine that things are slow because the league will try to get away with as much as they can.
Just suppose that the league refuse to budge and we do cease to exist, the league could be presented with a legal battle and a logistical nightmare with regards to fixtures. The bad PR it will also generate is something I am sure they will be keen to avoid. One thing is certain, the saga will not be over at the end of next week if we go under. I can't imagine either party will want this scenario in any way.