The bump is a serious possibility to me. If we go into admin we have no assets to sell to keep us going (unless it could be engineered to happen at the start of the transfer window and we could sell Bahamboula - but we clearly wouldn't get a decent price for a player in the last year of his contract being sold in desperation). The administrator could not string things along unless someone was willing to fund it until a buyer is found. That could realistically only be a buyer ready to stump up in advance of a purchase or Blitz.
Interesting point as to whether the embargo would apply if we were in NL - but in the absence of an owner willing to spend that kay be irrelevant anyway