This action might well produce the best outcome for Virgins wonderful staff and their customers. Don’t despair. Many voluntary administrations have a good ending. It’s not over yet.
Be aware though that Qantas will now be doing its level best to drive an oak stake through Virgins heart. I would expect they will engage in dirty tricks. Rumor, fake news, attempts at locking them out of terminals, lobbying CASA, Government and suppliers, etc. Stay strong.