The board of Virgin have a breathing space whilst everyone is grounded, once the grounding is lifted and limited services are allowed to resume it's crunch time. ASIC have a guide for directors which gives the penalties for trading whilst insolvent and also lists warning signs of insolvency.
https://asic.gov.au/regulatory-resou...for-directors/
Calling in the administrators is an admission of defeat, and certainly doesn't look good on a CV but it beats fines of up to $200 000 and the company creditors coming after you personally for their money. I think we'll see Virgin in administration soon and a limited network with a greatly reduced fleet size back in the air in the interim whilst this gets sorted out.
The outcome is still far from certain whilst the players make their moves. New story from the AFR linked below.
https://www.afr.com/companies/transp...0200415-p54jy9