It is largely a book entry as the liabilities that were written off through the administration are removed from the accounts. It has nothing to do with trading results and goes to show how a bit of sensational journalism can invoke a response. For those with an accounting bent, the general entries would have been Debit Creditors, Credit Negative expense (special account to capture the write-off). As VA no longer publishes accounts, they are not required to disclose much detail.publicly.