KordaMentha must be mad that they missed out on another mother load...
After seeing how long the Ansett collapse was strung out for, the board of Virgin probably didn't want the airline to be someone's cash cow. Now is obviously not the best time to be selling an airline so it will be interesting to see how long the period of administration goes on for. Once flying resumes with some sort of regularity, the company can operate if more money is coming in than going out and creditors may prefer this option as they have more chance of getting their money back compared to a fire sale, though obviously this can't go on indefinitely. Waiting a year or two and getting 30% back would be preferable to pushing for an immediate winding up and getting 15% back.
The administrators need more time and information to assess the post COVID - 19 aviation market. If a rapid improvement is likely then restructuring into a smaller going concern is likely to be the preferred option where as long term stagnation would mean winding up or taking the best offer they could get in the circumstances.