A company is insolvent if it's liabilities exceed its assets or it's unable to py its debts as they fall due.
What are SFC Ltd's liabilities? I would imagine they are the staff costs - hence this depserate scrabble for some money before wages are payable. In any case, until such time as it cannot pay its debts it is solvent.
I don't think they are the overdraft?
I don't think (in fact I'm 99% sure) they are the mortgage repayments.
Clearly the holding company's activities are all football related - there is no doubt. However, that is where the liabilities seem to lie, either directly or through other subsidiaries, not with the football club.
It may be morally offensive. It may be a bit sly. But, if their rules are a pile of ****, that's their fault.