All debts would be wiped out, perhaps in pennies to the pound, so Raj would lose all monies owed to his companies who have left the club money.
Do you suppose Jim Ratcliffe runs Man Utd through Ineos with Ineos being liable for any and all club debts?

What companies has Clarence 18 borrowed money from then ?

There's £1.1m of liabilities owed to Group Companies according to the statement and written narrative of the last set of accou ts for the club. It also states that Raj has committed to financially securing the club up to the end of June this year. So there's a fair chunk he'll lose if he puts us into administration.

Depends how much he can afford or want to lose, if Pools are managing to ‘service’ the debt through income without it increasing he will hang on maybe hoping for a buyer.