Could Labour declare bankruptcy?

It would certainly be unprecedented. But figures released by the Electoral Commisson today show that the Labour party is a staggering 27m (pounds that is) in debt.
The party traditionally relies on union funding to keep it afloat. But the unions are unsuprisingly unimpressed with the party's direction under Blair, and the cash is drying up.
This might explain the PM's desire to get as many donations (or loans) from rich businessmen. At this point in the political cyle however, this is not the time to be giving money to the ruling party. The smart money is on the Conservatives winning the next election, and any wise businessman wanting influence would surely have been put off by the shambles surrounding loans to Labour. Sir Gulam Noon's public statements over his loan to the Labour party show how giving money can backfire and damage one's reputation.
Although the Tories are also in debt, to the tune of 16.8m, they have more assets than Labour and a much larger group of rich people to tap for cash. Riding high on the polls, they should see an increase in membership and donations in the coming years.
Tory party chair pointed out that the party have more members than their two rivals put together.
What will Labour do? Where will they find tens of millions of pounds at a time that the government is dying on its arse?
We could easily see a situation where the party have to file for bankruptcy?
Listen out for more and more discussion of "state funding" in the coming months. The only real hope for Labour is that they can persuade the public that they should be paying for the political parties.