Who will buy - Virgin Australia ?, page-9

Velocity is a separate company, although it's wholly owned by Virgin Australia Holdings. The administrators are not able to extract money from Velocity to pay Virgin creditors. They will have to liquidate all or part of the asset if they want to realise funds from it. But it's hard to decide how much Velocity is worth without Virgin or another airline attached to it for redeeming points for flights. Without that it's just another vanilla rewards company flogging merchandise at ludicrous points/$ conversion rates.