In all honesty, I wouldn't know about the legalities of it Gaunty, although, considering the failed takeover, I reckon Ithe QF board could do well to study up.
The Tesna bid was almost exactly like this proposed set up. Basically, the staff worked for one company (Queenscross) & the assets were in another (Tesna). Blind Freddie could see where that was heading.
Granted, recovering from administration & restructuring a going concern are poles apart, but as soon as I saw Mr Fox was involved, well, those alarm bells just haven't stopped ringing.
(PS. Sorry Mods, didn't see TD'd already posted it.)