The issue isn't really about parachute payments though. Sheff Utd would be in a similar predicament with or without them. The real issue is the poor governance of football which has allowed Sheff Utd to continue buying players on tic at the start of the season, when they'd already missed payments, Or the Issuing of a transfer embargo, a completely pointless punishment given the current circumstances.
It's about buying players on the never never. An issue many clubs, in many leagues have, that only comes to light when they can kick the can down the road no longer!