Flags of convenience are fine until something goes wrong.
In this case it would be a miracle if the insurers pay out.
N reg allows a lot of latitude in terms of where the buck stops.
Added to the complicated registration/ trust scenario is a the fact that the USA allows UK based based aircraft to be registered via a tiny company in East Anglia. In most cases these aircraft will never again see the USA.
https://beta.companieshouse.gov.uk/c...filing-history
Which is fine and dandy until we see a multi million pound accident such as this one.
Who oversaw who in this tragic timeline?
Pretty much no one.
There is plenty of evidence out there that the aircraft was producing revenue for the beneficiaries of trust by transporting jockys to racecourses as well as the work it undertook with Cardiff City Football Club’s agent. No one rents their investment for nothing.
All of this grey charter work was outside the control of the UK Civil Aviation Authority.
UK road legislation only permits foreign cars to a maximum of twelve months before they have to be registered as being home based. That stops the scam of uninsured and no MOT cars being used here. A UK resident cannot use a foreign car unless they are based on the continent. (Soon to change with Brexit)
These days most global shipping is registered in countries such as Panama and Liberia so that the crewing and operations are able to exploit cheap labour and lax regulation.
Many defend the N register for private aircraft owners as it allows an easier route to aircraft modifications and flying rules. Add to that the fact it is also cheaper.
I hope this accident will close the N reg lark in the UK for good and bring regulatory powers over all UK based aircraft back under the wing of the CAA.