FLRFP or Tier 2 G Extension without COS

[knucks]

Dear Moderators / Seniors / Experts,

Summary of events

1. I am a Non-EEA national, came as a student in Sep 2006
2. Visa history - Student, PSW and Tier 2 General
3. My wife joined me as a PBS dependent in Dec 2011 and since then we are living together
4. I have one son, who was born in Jun 2013
5. I currently hold Tier 2 G which is due to expire on 14th May 2016.
6. I have an immediate family in the UK, i.e my brother with family & my grandparents
7. I am an owner of a house & have a second house as an investment
8. I am also in possession of savings
9. I don't know if this adds to my FLRFP, but I have been travelling to the UK since 1995, I was granted 10 UK visit visas before I decided to come here as a student.

Current situation

As stated above, my Tier 2 G is expiring on 14th May 2016. Unfortunately my employer is currently suspended. UKV&I requested some info which was sent to them on 15th Feb, we are now waiting for the final decision whether they reinstate or revoke our licence.

I need to apply for a visa before the current one expires on 14th May 2016, and will be eligible to apply for ILR in Aug 2016. Therefore, I need to buy 3 months' time on my visa application to be filed by 14th May 2016.

Question to ask

I am stressed out and do not know what to do, is it worth me applying for Tier 2 G extension before my current leave expires i.e 14th May 2016 without having a valid COS as my company cannot provide me a new COS due to the suspension. They can however issue me a covering letter confirming that my services are still required and the COS will be assigned if the suspension is uplifted. I hope by doing that they will not invalidate my application and ruin my last 9 years and 7 months.

Or is it worth me applying for FLRFP, buy 3 months and vary my application in August 2016.