I would say that this is looking like a rather planned failure - especially as the process of applying for an AOC and Operating Licence is one that takes anything up to a year.
Getting a company up and running with 5 x 737s by next spring is not something that happens overnight - and is certainly not something that could happen if the process was only started yesterday.
Some interesting legal aspects arise - and perhaps Holt CJ could advise on them: if it were known by directors of a company that their existing company was insolvent or about to become insolvent, and they were involved in a new company which was being in effect set up to continue the existing business without its liabilities, then (a) where would that leave them vis-a-vis the creditors (including employees) of the existing company - who must surely be in a weakened position; and (b) if business that should have gone to the existing company is, in fact, being channelled to the new company - is this legal?
Finally, should persons involved in such activities be allowed to act as CAA Postholders?