I understand the issue with VA was large credits tied up from premium cabin flights from its 777 operation, and also its NZ operation which it no longer operates to.
I have read a few stories re people with $10-20k Virgin balances from cancelled Business Class flights from its 777 operation, they can only use this on Domestic or very few short haul International routes.
Probably worse for those in AKL/CHC/WLG who can only use the credit from ZQN. Virgin does not permit use on partner airlines.