Let's se how the VIRGIN VA pans out. On a much smaller scale accountants Ferrier Hodgson managed to sell Flight West Airlines to Qld Airline Holdings after 9 months in Administration as going a concern. QAH became Alliance Airlines which is still running in their niche market, despite having contracts with Virgin and an unwelcomed 19% Qantas shareholding. A revamped Virgin is possible and liquidation is not the sole course of action available one would hope.