But if Flybe went under, then no UK AOC, which is in large what they bought. Add in Brexit, then it would really get difficult, if not inpossible for a UK operation to be set up from scratch on an Irish (EU) AOC (cherry picking or not).
As soon as the EU competition part of the sale process is done, I would think things will move quickly, both for rebranding and new management – I believe the plan is for one board covering VS as well as Connect Air (whatever brand name that ends up under).