Virgin Australia administrators ask court for liability exemption

Administrators of stricken airline Virgin Australia have asked a court to give them a month-long exemption from being personally liable for A$1.2b in airplane leases. In documents filed with the federal court, the administrators have also requested orders enabling them to hold meetings electronically, streamline the administration and give them more time to respond to questions from creditors. The company, which owes about $4.8b to aircraft finance companies, bondholders and banks, went into administration Monday night after the federal govt turned down its request for a bailout. Under insolvency law, administrators take on personal responsibility for the debts run up by the companies they are in charge of during their tenure. <br/>