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"The company has vowed to stop recognizing revenue when it is just "probable" that it will come in"
Which idiot based a business plan on recognizing revenue "when it is just probable that it will come in." Which lender lent money on such a daft business plan?. How many investors were made aware of such a daft basis for starting up a multi-million pound business?
Revenue is money in the bank when I was in practice. Work in progress is just that: work in progress which, hopefully, will produce money in due course but "you don't spend it till you get it" I didn't make much money but I didn't go bust.