A couple of points.
1) I think in previous posts we have discussed EFL rules that stated if a business goes bust at various dates then alternate promotions/relegations/non-promotions/non-relegations can be implemented, but past certain dates they cannot. I think that in the case of both Bury and Bolton they were subject to the threat of action, but that it had not actually taken place. Hence the prolonged zombie status of both clubs and the inability of the EFL to do too much.
2) If (and it is a big if, since I don't see any proof anywhere) Dale bought the debt at a knockdown price, he is invested in Bury to the tune of £1 plus whatever he paid for the debt. If he is gambling on being bought out then he will want to cover the £1 plus 'the price pad for debt price', plus whatever else he feels it has cost him during his tenure (given that he seems to have no affinity for Bury as a club or an altruistic bone in his body so he won't want to donate to the club).
Now if no-one buys the club, and that means that Bury are expelled from the EFL, then Dale could shut it down, but if he wants to keep the assets he will have to pay the terms of the CVA out, otherwise Bury will have to enter administration and the assets are available for open discussion/bidding with the administrators and there is no guarantee he will be able to win the bid. This comes down to whether Dale thinks the value of the assets are worth more than the cost of paying out the CVA. Personally, I doubt it, as the land will be tied up for years in legal wrangles about whether it can be used for any other purpose than a Bury football club, but Dale may think otherwise.
If a buyer comes forward, all will depend on the terms/offer. Bidders are likely to want to save the EFL status of Bury, but will this desire extend to wanting/being able to buy the debt and fund the future of the football club to the EFL's satisfaction in the time left to actually play any games. Again, I doubt it. So the stand off, or gamble, continues until someone blinks.
Personally, I think the EFL will blink first and Bury will go to the wall. Gigg Lane will become a ghost town for years to come and a Phoenix club will start up in the locality and morph into a new Bury, with the desire to return to Gigg Lane, which may or may not be possible.
Lots of ifs and buts, but basically I think it is time to shoot the horse and put everyone out of their misery. Then leave it to the courts and police to decide who gets what and whether there was any criminality, or just arrogance and stupidity involved.
But what do I know?