That is absolute nonsense.
If a company's going to be insolvent, you'll find out when the administrator turns up. Any business on the verge of administration never mentions it in advance.
To say we need a paycut otherwise we'll go into administration is complete game playing. If the funding was so tight that it depends upon pay reform means there isn't enough cashflow head-room anyway for a company the size of Monarch to survive.
Have the aircraft lease payments taken a similar haircut?
What guarantees do you get it won't go into administration anyway?
What happens if an employee votes no?
Have you seen the due diligence report on their business plan?
Absolute game playing by management.