If CASA are not currently breathing down their necks, give them time! They will be looking for someone to trial their new Part 121 rules.
With this type of pay-for-training arrangement, if the operator does go belly-up half way through the payback period, the employee would be an unsecured creditor at the back of the pack. It could prove to be a very expensive rating on a type which would offer few employment opportunities elsewhere.
Bonding is the way to go, but for that the operator needs sufficient funds to be able to pay for crew training. The bond is held in escrow and is only released to the operator if the employee does a runner before time. If the operator fails, the bond is released back to the employee.
Not saying for one minute that they WILL go bust - it would be great to see a small player finally succeed at RPT in this country - but simply 'caveat emptor'.