Lowkoon, are you referring to legislation in HKG or in the EU? If it's HKG, it's woefully inadequate wrt employee protection. I've read the labour act cover to cover (some years ago, mind you - during the 49'er issue) and it lacks protection in EVERY area for employees.
In short, employers are free to do as they please as long at it is judged to be in the interests of the majority and in the long-term interest of the company.
As much as I would like to see seniority acknowledged IF there's any dissolution of Dragonair (I would be absolutely unaffected, fwiw) I really think that the wishes of any group are likely to be ignored and CX will do exactly as they please. Sadly, it's likely that the only force majeure that Lyin' Tony and his (mis)managers will notice is an exodus. Apart from the 40 or so CX 777 drivers who will leave for V Oz and the trickle out the door at Dragon, I also don't see that happening.
They're biding their time, waiting for the other shoe to drop in the USA's recessionary spiral and all those bright eyed/bushy tailed CRJ drivers will stream over for their shot at the big time. Yes, many will abandon CX within a year or two, but there will be a net gain, the schedules will be met, albeit through loads of overtime, but they will sell seats and the revenue stream will continue unabated. QED