The B767 operates under Icelandic registration, so it operates for CT2, in the colours of AV8. It has operated in AV8s name only, as l understand the aircraft is on a wet lease. It may well have had some cabin crew paid for by AV8, but they would be flying under Icelandair.
This company seemed to be doomed for a long time and I think Excel has had no part in its downfall.
If you have had a B757 since October/November and still not got the Airline up and running, it was only a matter of time before something gives. Unless they are paying a lease rate by the flying hour, they must have lost a tidy sum in the bargain.
AV8 as I understand it still does not have an AOC, the CAA is getting a lot hotter on start ups as Flyjet found out at their outset.
The AV8 B767 may fly for a number of months or longer in its colours, as it does not matter what is painted on the side, so the airline might carry on indefinitely as AV8. You only have to look at Air Scotland to see that.