The Football League rules are clear as Rupert has indicated. The 'Football League share' is what allows a club to participate in the Football League. It is only passed to a football club coming out of administration if all the football creditor debt (largely the staff and players) is fully settled. That is an essential prerequisite. No way round it. If the football club is liquidated then it is simply not possible to participate in the Football League.
A new 'phoenix' club (say AFC Argyle) would have to start in league level 9 providing they can prove that they have a ground that meets the required standards. Apart from Home Park I believe there is no other ground within the city boundary that would meet the standard without significant investment within the close season's shortened timescale. Whether Home Park with all its maintenance costs and overheads could sustain a level 9 club remains open to debate.