just relegate two I'd imagine, and whoever should have been playing Pompey that week would get the weekend off, and presumably some points. Still don't think they'll go under like. Chris Cooper, Real's mackem commentator, reckons there was one top flight club a few years ago very close to going into liquidation, but didn't.
aye but he said it was a bank winding them up, and they may have considered the supporters who were customers - HMRC doesn't care