The problem is while this plays out, there’s no consumer confidence on the other side when flights resume.
Both airlines need a government guarantee for ticketing - without it, even if Virgin do manage to survive, they won’t survive the upswing at the end when people just don’t have confidence in forward bookings.
The only thing that slightly amuses me about this whole fiasco is perhaps Perth airport May have to close T1&2 and send the internationals into T3 for a spell....