On the aircraft:
Components will not make their projected life time.
On the pilot:
The strange feeling in your gut that something will go wrong, but you don't know when.It will of course when you need it the least.
Nothing on the legal side unless you get ramp checked or something bad happens.
When it does:
-loss of life or health, pilot and/or passengers, loss of machine.
-loss of licence
-huge fines and prob. life time payments to victims
-loss of job
-loss of family