Can the playing staff be made redundant? and only be entitled to minimum payout? For example make 5 player high paid players out of the 34 man squad redundant and be given statutory redundancy payout?

Technically no, the job is made redundant not the employee and a replacement cannot be put in that job for 12 months following a redundancy.
Players can be asked (with suitable compensation) to rear up their contracts or be sold, or stay and become free agents if the club ceases and become another creditor for their severance.

So can't they just make 5 jobs/squad places redundant? and play with a smaller squad?

In a normal business situation the (technically illegal, but apparently acceptable) work round for that is to change the job title. Probably difficult to pull off in the glare of a media spotlight but is it goodbye standoff, hello 5 eighth?

As you say bulliac, it would be difficult in a RL environment, if it WERE possible how would the club manage injuries in such circumstances too.
Sorry guys it's likely to be goodbye to some of your better players and for far less than market value, it's painful we know.

I think if you were one of said pesky workforce you would consider your employer in breach if you weren't paid - and if you were the rat bag employer who tried such a stunt you would be in a perfect storm of wrongful dismisal claims. Once you fail to pay your employees you do not have much recourse if they look for alternative employement.

But still hoping some of the Bulls current players will be representing whatever team will hopefully rise from the ashes