No, the question is not 'did they have a legal accident?' it is 'was a high risk taken?'.
Until airlines start accepting the concept or managing risk, uneccessary accidents will continue. Hiding behind regulations as a definition of safety is SO last century.
Incidentally I would hope that Manx2 conducted vigourous audits on their ACMI providers aganist a clear set of standards and didn't just rely on 'they have an AOC'.
Does the UK's Corporate Manslaughter law extend to IoM BTW?