Almost all the leading clubs are technically insolvent, except that they have backers with deep pockets to bail them out. Their accounts all indicate that, and thus the accounts are signed off on that exceptional basis. The second the backer can't or won't put more funds in, they are obliged to enter in to some form of insolvency. Failure to do so is an offence that can lead to big fines on the directors and owners, as well as potential prison time and/or bans from being a director or being involved in the running of any business.
It is clear that for both Worcester and Wasps, that point has been reached. For Worcester, it was reached some months ago. HMRC can be reasonable when they want to, but the second you fail to keep to an agreed plan, they cease being reasonable, and will not come back to the table. You are then reliant on the court being lenient (not as likely as some would suggest) and the HMRC solicitors being incompetent (highly likely) in presenting their case.
The potential advantage that Wasps have is that they may not be in HMRC's bad books yet, but I am amazed some bondholders have not started court action (if they are able to under the terms of the bond). Not all of them will be die hard Wasps fans.
What would not surprise me is a semi rich white knight appearing, who buys CCFC and Wasps. Someone like Simon Jordon, and then see him do something I have heard others say a joint owner might do, and that is to build or buy Wasps a new smaller stadium (which could include the idea to buy an existing stadium that might need some work), much better suited to playing Rugby?
Did you know that the Henley training ground is almost exactly halfway between Worcester's ground and the CBS Arena? Did you know that driving from Sunbury, takes roughly the same time to get to the CBS Arena as it does to get to the Worcester ground (but don't talk about using the train, you could ride a bicycle faster)?
Always a Wasp