Aviast
If VC was assigned an IATA number (471) and was operating through BSP which they indeed were the there was some form of compliance and/or acceptance of them into the fold.
IATA/BSP don't mess about as I found out 2 weeks ago. I was sure my bond was due 28 FEB but on 21 FEB I found out it was 20 FEB.
I am still in the the process of getting back the 95 Airline accreditations. Up to 55 now but that includes 3 new ones (that I needed) and I am over it.
IATA will cover anyone in Airline operations as they are never vunerable. They are a conduit between the client/Agent and the Airline. In no way are they financially vunerable as they are holding the cash funds for the Airline for up to 2 and a half weeks. The credit card funds are charged immediately by the Airline involved.
In the VC case there are probably millions of cash dollars sitting in IATA/BSP coffers, or most likely sunning themselves on the short term money market that were between us and the Airline. In the Ansett case, those dollars were eventually returned to Agents but then the 2 Marks went after them.
One must remember that SQ in the early days was assigned 618 as a "sorta" IATA member for a long time after splitting from the MSA alliance but IATA cleared their funds through Geneva or wherever the clearing house was then.
Spike
Aviast is right.
IATA make their dollars from the transit of dollars.
Grace L Ferguson Airlines and Storm Door Company incorporatyed in Walla Walla Washington would most likely get a guernsey with a couple of emails.
Best all
EWL