Virgin Australia slumps into administration

As one of the world’s wealthiest men, Sir Richard Branson is used to travelling by private jet, holidaying with politicians and hobnobbing with A-listers.

But neither his estimated £4 billion fortune nor his audacious networking skills could save the Australian arm of his airline from going into administration yesterday.

Virgin Australia, the country’s second biggest aviation company, went into voluntary administration after failing to secure a £710 million bailout from authorities, the largest airline victim of the coronavirus crisis so far.