Originally Posted by Tim McLelland
I really don't see how we can do anything significant until the Trust has been wound-up and the aircraft's future can be addressed more openly. I guess the most useful thing we could try and establish at this stage, is to whom the aircraft now actually belongs. It must have a legal owner but who does it actually belong to when the Trust finally folds?
The HLF say "it belongs to the Nation" and depending on the contract signed with the Trust it may do. But at some point this part of company law will take effect:
If upon the winding up or dissolution of the Company there shall remain, after the satisfaction of all its debts and liabilities, any property whatsoever, the same shall not be paid to or distributed among the members of the Company but shall be given or transferred to a charitable institution or institutions having objects similar to the objects of the Company...
which is a standard clause from the Companies Act - though the actual Articles of Association of the VTTS would be a better starting point. If the HLF is the main creditor then it becomes owner of '558 otherwise the assets of the Trust are sold/traded to settle debts.