Your question re level of debt is a fair one. But the simple answer is we just don't know, as the club hasn't said anything about the debt situation (or, indeed, any details of its overall finances), so it's all conjecture really. I have no doubt there is debt, but no idea how much.
Without an indication as to the level of debt, it's simply impossible to answer.
The problem here is that clubs aren't just businesses. They are also civic and community entities. If one particular administration runs a football club badly, is it right that the whole concept of that particular club as a communtiy and civic entity should not be allowed to go on (largely out of a sense of punishment/vindictiveness one would assume, particularly if the failed administration are no longer in charge) ? It would be like telling the people of Iceland that they can't have a country any more, because their previous government made such a mess of it. The concept of a football club is bigger than just those who run it at any one time.
Plus - it's a pretty well established fact now that football clubs with even half-decent support don't go out of existence any more, like they did in the old days. The fans just reform them (Halifax, Telford, Wimbledon etc) - proof that the 'concept' or community/civic entity will live on regardless. Any football club with a relatively decent support base begins to almost take-omn a life and momentum of its own. I don't see what there would be to gain in quelching that, purely to act as the footballing equivalent of a wrathful god.