BBK, that again is largely correct, but it's not quite as simple as that. The relevant laws are pretty vague - either to to give some lattitude or to keep high paid lawyers in claret. I (actually Mrs W) did quite a lot research when I left as I had a bit of a battle to leave while being considered redundant - as thay had already started recruiting again. What VS did last time was to pay everyone three months pay as redundancy and this was in lieu of the statutory three months consultation period. In 2002, everything was done in a panic and they needed people out immediately (Some of the 74C crews were gone in two weeks IIRC), but this payment doesn't release them from their obligations with regards to re-employment.
What they did in 2003 was cherry pick and only ask back the pilots they wanted to return. I know one who they didn't want back. I think he threatened legal action but he was advised to drop it. Last time, anyone returning after taking the redundancy package had to re-join and started again on the seniority list.