davidjohnson6
I would doubt Irish subsidary owns any aircraft, likely it is done via an Intercompany leasing arrangement with another Irish subsidary or a company registered elsewhere. Basically it prevents a judgement being exercised.
Company A owns Company B / C / D etc Company B operates the asset which it leases from Company C. Get a judgement against company B is meaningless as it leases the assets it uses and Company C can reclaim them and lease to company D quickly.
The overall viewpoint is not unrealistic though as every creditor will act now to ensure it gets paid. Hence fuel company want cash up front. Airports will just block aircraft in irrespective of who owns them until fees are paid, legally may not stand up in court but that means aircraft sit for 9 months until case comes to court, hence pay up and be gone is often best option.