So it is an artificial made up company created solely for tax evasion by Ryanair and the recruitment agency.
As murky and twisted as it seems, it is really border line, as it is not a natural formed company, rather a company created of no own choice, but as requirement by Ryanair / crewing agency.
Am I correct to assume that if you refuse this, you will not be hired by Ryanair?
Still the Ryanair pilots, creating this company, are clearly working for only one company - which is Ryanair - sooner or later Ryanair will be found out, and they will be liable for whatever shortcomings that are there.
But knowing Ryanair, they probably have anticipated such a scenario by creating umbrella companies to protect themselves!
Mainly it is a clear failure by the pilots to unite - it becomes a bit like the prisoners dilemma -
https://en.wikipedia.org/wiki/Prisoner's_dilemma
It would be so easy to resolve, if everybody could just agree without fear that somebody else would steal their jobs in fight for better TC's