Virgin Australia’s administrators intend to offer ‘conditional credits’ to customers on cancelled flights in place of cash refunds or regular travel bank vouchers, but can't guarantee they would be honoured by the airline’s new owners.The credits would also have a strict use-by date: they'd be valid only while Virgin Australia remains in administration.

It would be at the discretion of any new owner of Virgin Mk II as to whether any outstanding conditional credits would remain valid.
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They may also help conserve the airline's all-important cash reserves, as Virgin is “experiencing an increasing number of (credit card) chargebacks” as would-be passengers on cancelled flights are now resorting to their credit card company's refund mechanism instead of relying on the airline.
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