Gilbert throws his view in -
https://www.bbc.co.uk/sport/rugby-union/63387627
That is fairly clear, and reveals to me some things.
As to why you would want to buy it before it went in to administration, if it was worth more (net of debt) than you were paying, then that would be the reason. But is appears it is not (especially now lacking Wasps as a certain tenant).
But, that request to bond holders makes it clear that administration is not initially on the cards. I did wonder at that, so a quick chat with my wife and she agrees, it would have to go in to liquidation. Company Voluntary Liquidation (CVL) would normally be where assets less secured debt have a balance that would pay the liquidator. It appears that is unlikely.
The only other choice is to allow ACL to go in to Compulsory Liquidation (which is what happened to Wasps). But, a creditor has to take Court action for that to happen, and that costs money ... the secured creditors (the bondholders) will not as they can simply wait for liquidation and sale of the arena lease.
However, I am far from sure how secure they are. They cannot have security over the freehold, as the Council own that, so they have security over the lease only, and, when in liquidation, the Council can cancel the lease without compensation, and re-sell it, leaving the bondholders with nothing.
It would appear that nobody is willing to pull the trigger. I guess the directors of ACL should stop trading and make everyone redundant. But, doing so they would be obliged to put some money in to pay for a CVL to happen, to cover the fees of the Liquidator.
This is going to get very messy. But yes, as Westy said, the bond holders and other creditors could be left with nothing. Eventually, someone will pick up the stadium for cheap. Maybe even CCFC. If I were the new lease owner, would I let Wasps back? Maybe, if the price was right. What would happen with CCFC's contract if they didn't buy the stadium lease? Null and void. Which means they could be looking for somewhere to play also.