No FNG, in that case the owner of the cow will be talking to the insurance company's lawyers. The value, in the context of liability, of a ltd co. is that if the insurance doesn't pay out, or doesn't stretch to the value of the award, the company can be placed into liquidation, hopefully without its directors/shareholders having personal liability.
A limited company offers little protection unless you have the balls to put it into voluntary liquidation, or walk away from it allowing someone else to do it for you, when facing a serious enough threat.
(There IS some residual value because the likelihood of somebody suing depends on the assets of the party he's going after, and when he finds out it is a limited company whose only assets are a plane worth £40k, plus £10k engine fund, they might not bother).
Then, of course, the company's assets are lost too, so no more aeroplane. Not a good solution then is it for a wheel coming off, and if you are a lawyer you should know a lot better.