news.com.au reporting voluntary admin, page-134

Potentially debt holders could end up owning a significant part of the company along with whoever brings in new capital.
Existing shareholders will most likely be massively diluted.
Likely that in the return debt holders will need to take a haircut, plus as there are two classes of debt holders, secured & unsecured, two different treatments for the two classes.

As VAH doesn't have enough assets to pay out all it's debt it's more likely that debt holders will vote for some proposal rather than liquidation.