I have been talking to the PPF and they said in general terms that just because the pension regulator has rejected a plan to keep the scheme running they have to examine the facts and there have been cases where they have rejected applications for PPF entry and it has gone back to the table to sort out a plan that the regulator approves without entry to the PPF.
It will amaze me if they manage to offload the pension liability to the PPF as IAG/DLH are no financial lightweights and a share sale took place not an insolvency as such. The PPF does not exist for companies to abdicate/reduce their liabilities and just because the regulator is not happy doesn't mean they will accept the fund for their responsibility.