That's a good point Bash.
The players would not lose out and I have no doubt HMRC could be pacified, but what about the thousands of small suppliers?
No doubt they would be bullied into taking a hair cut on what the clubs owe them.
It is easy to see where something like this would come from; a couple of big clubs who are in financial trouble get together with a couple of small clubs who are teetering on the edge, and try and steam roller something like this through.
Surely the clubs who are well managed will resist this; they will be giving a huge advantage to the clubs who gambled and failed.