what happens to the individual if things go belly up? Are they on their own with a useless licence, or is their training transferable?
On the Flybe/OAA course a more developed Skills Protection Plan is in place so that if Flybe goes belly up before the cadets finish training, OAA will recourse them to their APPFO course and they will walk away with a fATPL.
If Flybe goes belly up whilst the cadets are employed before they reach 1500hrs (where it becomes an ATPL) then they can apply for a job like any other airline pilot. There has been some confusion regarding this following the problems that the Sterling cadets had - the Danish authorities cleared up this confusion and I understand they all found jobs.