Not only is it due to legal reasons but I imagine the coding involved could probably cause further problems and bugs.
The one thing that I wish they would do and has no legal implications as Administration is already used, is that when a team goes into Administration the following steps are taken by the FA
1 - docked 9 points Premier League and 10 for the other leagues
2 - If a team fails to meet the administration terms by a deadline date they potentially lose evan more points (example Southampton 17 points)
Currently FM only applies step 1 and step 2 could be applied and would add further realism that SI seem to crave.