No a trustee in Bankruptcy cannot impound an aircraft if one of the bankrupts assets consists of shares in a ltd co which owns an aircraft.
Imagine if I go bust owning shares in Shell,Ford,Barclays can my trustee walk in and impound their assets - no.
He can however exercise such rights as are confered upon the shareholder ie to sell the share or vote at company meetings (do you want him selling the bankrupts share to Mr Recklessidiotpilot or proposing a resolution to disband the group and sell its asset?)
For these and a million other reasons unless you are going in with a small number of mates you know well, you should have a carefully worded members agreement and if you do incorporate your group a shareholders agreement separate from the company memo and arts to define relations as pilots rater than mere shareholders.
A cautionary tale - I have been involved in two groups in a relatively short period of time and have had to suffer the effects of three accidents involving other group members, one of which treatened to invalidate the insurance cover! Had our agreement been tighter we would have had a lot less agro than we did.
I decided to buy my own .
Good luck