Big ButSlimmer - the problem is that there is a problem that needs a solution. Whilst the present rules may seem a disadvantage to some clubs, they are there to protect not only football as a sport or individual clubs, but the surrounding economy as a whole. It is far too easy for clubs to raise obscene amounts of finance when there is precious little hope of being able to repay them unless they have an immediate return on their investment. When a club can't pay debts and goes into administration, there is always a huge amount of surrounding businesses that lose out - they are right at the bottom of the list when it comes to any reduced payments of outstanding bills (HMRC is always top of the list).
Back to the Leeds example - they borrowed silly money on the assumption they would have returned to the Champion's League. They didn't, they sacked the manager and sold off all the players - that was the start of the decline. If the easy solution was to go into administration without any *footballing* penalty, then more clubs would do it.
Again, see the subsequent Leeds example - they were relegated already so they went deliberately into administration so they *thought* they would escape further punishment in the following season - of course they didn't.
The whole set-up is a mess really and unfortunately football is not about the club, the support, the fans. It is just businessmen making themselves big money then getting out scot-free.