Who benefits from the collapse
How about running the companies in Administration until the following is sorted:
Ensure no money is filtered out of any of the companies bank accounts.
Flying all passengers back within the short-term at Monarchs expense.
Refund all those eligible at Monarchs expense
Ensure ALL employees get paid, including notice period.
Protect employees Pension rights.
The total bill is picked up by the so-called turn-around specialist running the show and backed by their CAA / ATOL protection.