I don't think that would be the intention. The intention would be to create a CVA and pay x amount of the loans over a certain period of time. If they got players off the books it would also make the CVA more attractive.
Players are in effect employees on a fixed term contract. There is nothing stopping a clause in their contract stating that if the company goes into administration then their contract will be cancelled on x weeks notice. Players would not be due any salary in this circumstance if the club paid their notice period.