ICANN is only going to approve transfer of the registrar accreditation if:
https://www.icann.org/resources/pages/purchasing-2013-07-08-en
When an ICANN-accredited registrar is purchased, the acquired registrar must provide ICANN with the following:
...
2. A statement affirming that the acquired registrar continues to meet the ICANN-adopted specification or policy on accreditation criteria then in effect, and is in compliance with its obligations under the RAA;
The problem there is that the requirement assumes a compliant registrar. The registrar associated with this accreditation is already in breach, and for more than simply owing the back ICANN fees. There is a roster of operational requirements that ICANN has imposed on the original registrar.
The assignee also has to provide this information:
https://www.icann.org/2013-raa-info-spec-current-en.xlsx
"15. Full name, contact information, and position of any persons or entities owning at least 5% of the ownership interest in Registrar’s current business entity. For each person listed, please specify such person’s percentage ownership.
(NOTE: Include the city, state/province, and country of residence as part of the contact information for each entity and/or individual listed)"
"16. Full name, contact information, and position of all directors of the Registrar.
(NOTE: Include the city, state/province, and country of residence as part of the contact information for each individual listed)"
"18. Full name, contact information, and position of all senior management and other key personnel overseeing the provision of Registrar Services.
(NOTE: Include the city, state/province, and country of residence as part of the contact information for each individual listed)"
"19. For every person or entity mentioned in the answers to questions 15 to 18, indicate if that person or entity:
a) within the past ten years, has been convicted of a felony or of a misdemeanor related to financial activities, or has been judged by a court to have committed fraud or breach of fiduciary duty, or has been the subject of a judicial determination that is similar or related to any of these;
b) within the past ten years, has been disciplined by any
government or industry regulatory body for conduct involving dishonesty or misuse of funds of others;
c) is currently involved in any judicial or regulatory proceeding that could result in a conviction, judgment, determination, or discipline of the type specified in items 19(a) or 19(b); or
d) is the subject of a disqualification imposed by ICANN.
Provide details if any of the above events in (a)-(d) have occurred."
It will also be interesting to see how they get around this:
https://www.icann.org/resources/pages/approved-with-specs-2013-09-17-en
5.5 Termination of Agreement by ICANN. This Agreement may be terminated before its expiration by ICANN in any of the following circumstances:
...
5.5.8 (i) Registrar makes an assignment for the benefit of creditors or similar act;
...since that is exactly what this transaction was expressly about. The reason for this provision is that it is included in a clause that also lists bankruptcy, and so the idea was to de-accredit entities which are functionally bankrupt, have not formally declared bankruptcy, but are selling the furniture to pay creditors.
If anyone else is owed significant funds and is getting cut out, this would be the last call for filing that involuntary bankruptcy petition to unwind deals made just prior thereto.