Northants and Collapsed Budgets

For those who haven't made the connection, Northants demonstrates the effect of Brent setting an unbalanced budget as suggested by those who consider themselves to be "Left".  Even the dire cuts passed by Northants in February are unlikely to be enough and I would still argue that the authority is likely to end up in some sort of messy liquidation.  Since there is no precedent for this, I assume the Secretary of State would have to put in place some sort of new authority to replace it.