But can someone with experience in administrations or corporate insolvencies explain how the administrators can continue to pay '9020 staff' as there are 'no plans for (further) redundancies?'
I think while in administration, they are paid from the assets of the business and classed as an expense of the administration - basically sits at the top of the totem pole.
So when the business is sold, the totem pole (priority of payment) is realised and isin rank order:
(1) Administration expenses
(2) Secured creditors
(3) Priority unsecured creditors (employees) - in rank of priority (this is when there is a sudden liquidation or bankruptcy - not in VA's case)
........(a) wages and super
........(b) leave entitlements
........(c) redundancy payments
(4) Unsecured creditors including ATO for tax debt
(5) Shareholders
In liquidation or bankruptcy, (3) may be covered by the Attorney General's FEG.
In some extreme cases there are no assets, so not even the secured creditors get a payment and possibly the Administrator/liquidator may not get paid at all but still has statutory obligations to fulfill.