B.H.;
It's possible Ansett could have had somewhat of a chance under a US style Chapter 11.
At least a court would have had a chance to see where some of the money was actually going i.e. fuel accounts, spare parts, catering etc and then make a decision while the company was still a going concern.
Once the doors shut then consumer and creditor confidence is shattered and it is that much harder to re-start or sell.
Look at Piper Aircraft - In and out of chapter 11 and all the while kept open - at least at a skeleton level. The result now is a light aircraft manufacturer that delivers 300 aircraft a year and employs hundreds.
UA and other airlines would have also been part of history without chapter 11.
Anyway, as B.H. said, the problems were likely too great to fix.