This is only a guess but I'd imagine "only" the £1.4 million would be owed by the new owners as that is what Notts County owe, I can't imagine they would buying any shares of Paragon Leisure.
As previous posters said though, what a complete w*nker Hardy has been putting his whole business and the livelihoods of a lot of people at risk. Alan Hardy will be used by every accountant as to why you should not invest in a football club.