At the end of the day its not as simple as Wasps going bust. There's multiple companies and the lease is used as security on a huge loan. Exactly the kind of setup people were up in arms at the idea of SISU putting in place should the club ever own the stadium.
In an ideal world Wasps financial problems continue and ACL2006 goes in to administration. I believe that would mean the extended lease reverts to the council and ACL2006 move back to the original lease of which there is something like 35 years left.
I have no idea how the 250 year lease can be used as security on the bonds when in the event of administration the lease falls away, don't think that's ever really been answered. CCFC buys assets of ACL2006, ie the lease, off the administrator without the debt and are then Wasps landlords. They can then purchase a 200 year lease extension from the council which as we all know is only worth £1m
Seems hugely unlikely at the moment to say the least.