Mk Airlines - How did they let this happen?

Mk Airlines was the brain child of Mike Kruger and Wally Mussemelli. The airline was established in November 1990 and began operation in 1991. Using a DC-8 freighter out of London's Gatwick airport it's ACMI freight product was there to support other carriers. From low key humble beginnings to a mass financial mess in 20 years, it's story is unique, complex, yet astonishingly avoidable.
MK's real turning point was in August 2006 when they were refused by the Icelandic Aviation Authority when attempting to obtain an operating licence for six dry-leased Ghanaian registered 747-200 freighters. However, they obtained a United Kingdom operating licence and phased out the DC-8 that year. By early 2008 MK had gained eight aircraft and permission to fly scheduled flight's. MK's hub's Ostend International, Kent International and Luxembourg-Findel were used and focused on the African market while working closely with forwarder Panalpina.

In June 2008 MK Airlines stopped operating. Real financial problems had come to the board room for the first time. A re-finance package failed which included replacing the older 747-200F with the more fuel efficient 747-400F. The company entered into voluntary administration. The administrators secured finance from Transatlantic Aviation Limited and reduced the fleet size. By June 2009 MK Airlines were released from administration but less than twelve month later the airlines handed in it's operating licence citing financial debts of more that £104 million.

OK - MK have a dogged reputation in the freight industry with safety concerns after three notable incidents. Including flight 1602 (747-200F) in 2004 where the crew of 7 where killed on an incorrect speed take off at Halifax Stanfield International Airport, Canada. The official investigation blamed long crew hours and lack of rest. The company was slammed for having no official company rules on duty periods for load masters, engineers and ground crews. In 2001 a 747-200F crashed in poor weather at Nigeria's Port Harcourt and in 1999 the nose undercarriage collapsed and seriously injured engineers in Kent.

The question is why were MK Airlines ever released out of administration with the same directors, the same ideas, the same inefficient aircraft, the same apparent ignorance of safety, the same regime of not paying staff, the same routes and the same partner's.
One would think that a re-organization, a re brand and an open approach to business development would have been the ideal solution. Who knows - they could still be in the air today!