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Virgin reported an annual loss for seven consecutive years even before authorities worldwide began restricting movement to slow the spread of the virus, which has led to around 70 deaths in Australia.
Virgin Australia <VAH.AX> is poised to enter voluntary administration, two sources close to the matter said on Monday, with the cash-strapped airline unable to weather the coronavirus crisis ...
Since Virgin Australia went into voluntary administration in March 2020, contracts with both companies appear to be discontinued, as the aircraft are now flying for other companies around Australia and New Zealand. [143] The Virgin Australia Cargo brand still exists, however, but with freight placed in the hold of its passenger aircraft. [144 ...
Virgin Australia Regional Airlines (VARA) is an Australian regional airline based in Perth, servicing key towns in the state of Western Australia. The airline also flies interstate to destinations such as Adelaide , Darwin , Melbourne and Alice Springs .
Virgin Australia Holdings Pty Limited is the holding company that owns and operates Virgin Australia and Virgin Australia Regional Airlines. It previously operated Pacific Blue Airlines , Tigerair Australia and joint-venture airline Polynesian Blue which were absorbed into Virgin Australia in December 2011.
Voluntary administration commences from the time when an administrator is appointed, [55] and usually ends either upon the execution by the company of a deed of company arrangement or a resolution by the creditors that the company should be wound up. An administrator may be appointed by: the company; [56] a liquidator or provisional liquidator ...
Administration is commenced by an administration order. A company in administrative receivership is operated by an administrator (sometimes referred to as a receiver and manager) (as interim chief executive with custodial responsibility for the company's assets and obligations) on behalf of its creditors .
Administration is a procedure to protect a company from its creditors in order for it to be able to make significant operational changes or restructuring so that it could continue as a going concern, or at least in order to achieve a better outcome for creditors than via liquidation.