example: competitor of ours went into adminastrative receivership last year, turnover £ 1.5m, debtor book £250 k, creditors book £600 K, machinery value £250 k.
net result: started up new company with similar name, bought machinery from receiver (no one else got a look in, no option for open market auction) for £ 50 k, wiped out all debt to suppliers and tax / vat man. got out of obligation on property lease. said £ 50k went to receiver and his friend who valued machinery, made them very happy. no one else got anything.
All becaause they moved around title of assets and directors loans on such and goodwill. all legal.
Of course there is nothing to stop a group of pilots and groundstaff doing the same thing. Form a new Holdco for £100, put together a proper articles of association and profit sharing/dividend arrangement, work out how much you value your job and are willing to risk and approach the administrators with your offer. If successful put someone in charge who has commercial nouse and good relationships with the CAA and you never now just what might happen.