Bouldaman Air Scotland were advised by the CAA that the best way of obtaining an AOC was to hire and train flight deck, cabin crew and ground crew and get the basic elements in place before applying. The easiest way of doing this is to work with a charter firm in the meantime, which is exactly what EZY did. The Electra arrangement was never going to be long term, even if the outcome was good.
The Air Scotland crew, who I understand have yet to complete their training, are currently on gardening leave until Mr Al-Ani can persaude Air Holland to train them. The CEO of Air Holland is quite amenable to this (once the right paperwork is in place), particularly since the flight times will involve crew layovers in EDI or GLA and locally based crew would therefore come cheaper.
And no carriers have ATOL bonding. Theoretically, the Air Scotland/Electra arrangement is exactly the same as your local travel agent and BA. Your contract as a passenger is with BA, not with the travel agent. If BA goes bust, you're screwed (unless you paid by credit card). The problem with the Air Scotland/Electra arrangement is that practice doesn't appear to be matching the theory. If it looks like a tour operator, acts like a tour operator and sounds like a tour operator, then... it would need a tour operator's licence - ie an ATOL. That is what the CAA are looking into today.