Virgin Australia's shareholders – which include five significant foreign airline groups – have been warned they will receive nothing from the sale of the airline to US private equity group Bain Capital.

Administrators from Deloitte delivered the stark warning to the ASX on Tuesday - one day before Bain Capital and its representatives, led by  Mike Murphy and ex-Jetstar boss Jayne Hrdlicka, take control of the airline and start to pay the bills.