Virgin Australia Financially Secure? [Now in Voluntary Administration]

[Bagpuss]

Interesting, even the ASX annoucement does not state which ABN numbers are / aren't in Administration.
It would be interesting if VARA and TigerAir entities are in Administration. If they are not in administration, they could move Virgin Australia assets over to the those companies to potentially use the AOC.

 

[tomlee1986]

Hi Everyone,
I have a family trip booked from Melbourne to Port Douglas in late June - do I just sit tight and see what happens?
Is it likely I have lost my money and flights or can I get money back through bank chargeback?
Thanks,
James

Dont hold me to account, but i think best to get chargeback sooner rather than later, as this airline is deep in debt and not sure if survivable - i hope it is but i am not sure to be honest

 

[antycbr]

I'd think that the pool of votes who DON'T have skin in the Virgin game is a tad larger...……...

I'm way more likely to remember a government that pissed good money after bad when the owners didn't do squat, and didn't do squat WELL before all this happened.

There's a lot of people involved in VA directly, indirectly and 10 million members of Velocity. Also, there's the people who work in tourism - if I was Warren Entsch (Cairns) I'd be worried.

This is not an argument for government intervention in the OLD Virgin, it is an argument for sector assistance in the overall industry post a VA administration. OLD Virgin with it's overseas shareholders died this morning.

 

[desafinado74]

Safe to say that any partnership plans with All Nippon are dead now ?

 

[antycbr]

Safe to say that any partnership plans with All Nippon are dead now ?

Depends if they come on board at this stage I guess...

 

[ajnolan]

Dont hold me to account, but i think best to get chargeback sooner rather than later, as this airline is deep in debt and not sure if survivable - i hope it is but i am not sure to be honest

Thank you I assume you mean start bank chargeback immediately rather than wait any more time?

 

[jakeseven7]

Wonder what direct sweep VA card providers - in particular Amex with cards like the AX Velocity Platinum - will do? Most people have a companion MC/Visa card and I know I have switched my spend mix away from the AX as my companion MC is the Qantas Premier Plat.

Amex are reportedly swapping VA cards for QF cards if you call up and not charging an annual fee (according to a poster reported in the other VA points thread).

 

[tomlee1986]

Thanks you mean start bank chargeback now rather than wait any more time?

If i was in your boat.. I would do the chargeback now when it may still be possible

 

[d00dz]

I have 10k VA points, is that worth anything? if I was to redeem say yesterday or the day before?

 

[tomlee1986]

I have 10k VA points, is that worth anything? if I was to redeem say yesterday or the day before?

As of now.. absolutely NOTHING!

 

[antycbr]

Amex are reportedly swapping VA cards for QF cards if you call up and not charging an annual fee (according to a poster reported in the other VA points thread).

Interesting, thanks. Will consider my options.

The banks will be hoping VA survives. Having them around puts an upper bound on what QF can charge the banks for points.

 

[muppet]

Interesting, even the ASX annoucement does not state which ABN numbers are / aren't in Administration.
It would be interesting if VARA and TigerAir entities are in Administration. If they are not in administration, they could move Virgin Australia assets over to the those companies to potentially use the AOC.

I’m pretty sure you can’t just moved assets around shell companies to avoid paying debts.

The creditors would just veto that restructure then appoint new administrators.

The purpose of administration is to maximise creditor value not minimise it.

 

[tomlee1986]

I’m pretty sure you can’t just moved assets around shell companies to avoid paying debts.

The creditors would just veto that restructure then appoint new administrators.

The purpose of administration is to maximise creditor value not minimise it.

You are absolutely correct - it is illegal to move assets just to avoid your debt obligations.. this is according to the corporations act 2001

 

[travel_bug]

I have 10k VA points, is that worth anything? if I was to redeem say yesterday or the day before?

10k velocity points was 1 economy reward seat on a 1hr flight with some change (CNB-MLB was 7800 one way from memory). Can't speak for velocity store redemptions though, but best value for points was always flight redemptions/upgrades.

In short, if you lose it, you really won't lose much, maybe $150 in value?

 

[d00dz]

How about in terms of gift cards? or vouchers?

 

[travel_bug]

How about in terms of gift cards? or vouchers?

Probably worth checking out this thread that people had when making their redemptions - Is it Time to transfer/withdraw points from Velocity?

 

[TheInsider]

10k velocity points was 1 economy reward seat on a 1hr flight with some change (CNB-MLB was 7800 one way from memory). Can't speak for velocity store redemptions though, but best value for points was always flight redemptions/upgrades.

In short, if you lose it, you really won't lose much, maybe $150 in value?

It's CBR-MEL i'm assuming???
Otherwise could've purchased a $50 JB gift card.

Post automatically merged: Apr 21, 2020

How about in terms of gift cards? or vouchers?

Can't do anything now, it's all been suspended. Too late.

 

[travel_bug]

It's CBR-MEL i'm assuming???
Otherwise could've purchased a $50 JB gift card.

Post automatically merged: Apr 21, 2020

Can't do anything now, it's all been suspended. Too late.

Yup! Canberra to Melbourne, apologies.

 

[Franky]

Hard to have that when you currently don't have a marketplace, just a small schedule of government subsidised services.

And no-one knows when you get back to normal, and what normal looks like.

Most of us pay tax - I was just pointing out the consequences of a liquidation, we are looking at that cost to treasury. There is also the increase in jobseeker to flow through after that plus loss of GST and other charges.
With less discretional travel tourism domestically will take a hit - more Jobkeeper and less GST and income tax.
Lack of competition means that anything involving air transport is more expensive passing right through the economy, from fifo operations to air freight, essential business travel.

the dominos are pretty big here once they start falling.

Whatever, but I started paying income tax at the age of 15, am now 75 and still paying tax, so I’m more than over picking up the tab for others’ misfortune.

 

[Princess Fiona]

All VFF redemptions suspended effective immediately for 4 weeks Velocity Update