Shels circumstances have obviously taken a turn for the worse since the assessment was undertaken for the 2007 League license.
I would imagine its unlikely they would get it if required to present updated financials and legal info, as they may have to for the UEFA license.
Eg not sure when their financial year end is but as an example, if it was 31 December and UEFA requested audited accounts for y/e 2006, I'm sure they would look a pretty picture! This info would obviously not have been available for the 2007 league licensing body.
Also, if cash is that short, you could well be into a situation where creditors will withdraw facilities, so no programme, security, floodlighting etc.