If they were liquidated, as I understand it anyway, they(as a new entity) would have to slot into the pyramid somewhere there was a space. I know a few fans of theirs, and they don't think they would even be allowed in as far up the leagues as the Conference North. Where did Wimbledon have to start from after their phenix club launched?
IIRC Wimbledon, Newport, Aldershot and Accrington Stanley had to rejoin in the lowest regional division.
Precedent (Aldershot and Acrington) suggests that if they go bust now and can't complete the season then all their games this season are void. This would leave 2 relegated from the Championship and 3 promoted from L1. L1 would be a team short next year, so would likely have an extra promotion slot from L2 and so on down the leagues. Alternatively L1 would be one team less next season and it would be rectified the season after. If they go bust after next week and can't start next season (Maidstone) then the situation would be similar - L1 is likely to have one less team next season and one extra promotion slot from L2.
EFL have insisted that they complete their fixtures even if they play the tea lady. Bolton will not be allowed to fail as they are too high profile in my opinion. Not fair but unfortunately it is the way the world is at the moment
It needs them to be unable to complete their fixtures for things to change. The bubble will burst this is just the start.