If Pompey go bust they are going to have to mess with all of the divisions anyway to bring the Championship back up to 24 teams. Pompey coming back in at Conference South level actually stops them having to continue adjustments further down.
Didn't a team in the Conference(?) go bust last year...
Well assuming that they went bust, the easiest way would be only relegate 2 teams from the Championship, and do the same in the leagues beneath (to ensure that all have the right number of clubs) until you reach the Conference South, where Pompey would take a place and you'd relegate the...
As much as I it disappoints me to say it - that's not the case. The administrator has to trim the business down to a viable size, yes, but in their position (in the relegation zone) any decent one would argue that getting rid (even on loan) of their best players would make relegation much more...