Now let's look at this from an investor's point of view.
Why would I want to put my hard earned money into a company that is/has/on the verge of bankruptcy? approximately £1.8M is the short fall to bring it back to zero and no cash flow, so lets call it £3M.
Repayment as a "loan" over 10 years at 5% is a repayment of £30k per month, over and above the operating loss that got the company into this position; also the money paid by students already will inevitably been used to keep them afloat until now; another large and probably unaccounted for sum of money.
Doesn't really say much for the recent "investor" whose due diligence was so bad in the first place that they missed the Black Hole and now they are running the business, or not as the case maybe.
So I give £3M to a company whose management structure has driven it into the ground and could not add up to start with, and wait for my return over 10 years? If it lasts that long...hmmm!!
Huge downside and no upside, as the Dragons would say, I'm out!
Better chance on the National Lottery!