Looks like Bain has created a loophole in the promise to 'fully honour' all flight credits for cancelled Virgin Australia flights. Once Bain takes control, all credits will be converted into a new 'Future Flight' credit voucher but there will be strict restrictions on how those Future Flight credits can be used, they will be locked down to a particular fare category or 'bucket'. So if you hold $500 in flight credit you won't be able to just buy any ticket and put that $500 towards it, there will need to be an available seat of that fare type on the flight you want.
https://www.executivetraveller.com/v...flight-credits