Virgin Australia Enters Voluntary Receivership Amidst Coronavirus Crisis

By Kurt Stolz on 20 April 2020
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Virgin Australia, which began flying in 2000 as Virgin Blue, entered voluntary receivership amidst the downturn in flying during the coronavirus pandemic.

Similar to bankruptcy in the United States, voluntary administrationis when the directors of an insolvent company appoint an external administrator to manage the company’s affairs.

Until it was grounded by the outbreak, it served 42 cities in Australia from hubs in Brisbane, Melbourne, and Sydney.

The company will appoint Deloitte Touché Tohmatsu, one of the “Big Four” accounting firms, as administrators.

The move comes after the Australian government rebuffed a request for 1.4 billion Australian dollars ($864 million) in aid.

(Photo: Accura Media Group)

Accura News

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