The only time I remember a Premier team going bust was when Dublin City folded midway through a season. No club was automatically relegated at the end of that season - however, the team that finished last (11th) then went into the play-off as the rule was 2nd in the first v 11th in the Premier.
I'm not so sure either that Harps will be awarded a Premier place if Drogheda went bust. I agree, they were relegated on the pitch. However, by the same token, Shels didn't win promotion. Hard to know what the FAI would do in the situation though.
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