Taken from a 606 forum
"However, the insolvency policy also acknowledges that the approval of a formal CVA may not always be possible and contains a provision which contemplates a club being permitted to continue as a member club without a CVA. This only applies in ‘exceptional circumstances’ and is at the absolute discretion of The Football League Board"
Assuming things carry over to next season, forget -15 points, effectively they could be denied permission to play in the Football League