If you're unable to gather all the needed signatures for your school clearance, it will automatically mean that you have unsettled business with the school. Of course, they can't clear you from those obligations, so you'll have to face the consequences. And that is, you won't be able to complete an enrollment form, get your report card and other documents, and transfer schools until you are cleared. Some schools would give extensions to allow students more time to complete their clearances, so it's not really that bad.