Usually companies like this can fail for a very long time. As long as someone is willing to pay, you can live with the slow development speed, the high number of bugs and the constant team changes.
this exactly. I expect they are paying below average wages, have huge churn of people looking for anything to do while the perfect job arises. Throw in some people new to the area who need a job now, some old contractors who have money and are looking for pocket money and more stability (who's CVs are amazing, they have the gift of the gab but get bored really really quickly and just don't care about the job) and that is a the instant recipe for churn and crap code.
