There are a million and and one issues when it comes to player recruitment and retention, fan access, the need for State investment at a crap time to borrow over the scale of 10+ years etc. etc. etc.
But from a pure financial perspective, I can't see the creditors turning it down. Suppliers get paid, ATO gets paid, ex-directors trade debt for some sort of stake, VIC government shuffle money around behind the scenes to ensure SRO and MOPT get their due.
If the money at hand is substantiated, RA have a massive problem on their hands if they're truly the people we think they are.