RHRP - you have it in the first para. If the liability is triggered under the bond and new employer settles it for you then a BIK arises and is taxed. The new bond that you accept does not create an offsetting tax deduction. That may seem unfair, but there you go.
To avoid a BIK you need the old bond to continue and to be assigned by employer 1 to employer 2, then the payment between them is not a BIK for you.