The administrators of failed Air Australia have recommended liquidation as “the only realistic option available” and warned that about 500 unsecured creditors will get no return. In the first detailed report to creditors released yesterday, insolvency firm KordaMentha said their preliminary review found that a “significant number” of payments had been made prior to their appointment on February 17 and these might be voided. “This can be an indication of preferential payments being made to creditors (and) would be reviewed further in a liquidation,” the report said. KordaMentha said it remained unclear if the Brisbane-based carrier had traded while insolvent,

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