VA or SBR?

A surprising statistic in ASIC Report 836: Review of voluntary administration and deed of company arrangements process: 2021-2025 is that notwithstanding the rapid rise of small business restructuring (SBR) appointments during that period, that the percentage of companies entering voluntary administration (VA) with liabilities under $1m has declined only 3% from 30% in FY22 to 27% in FY25. Small companies were also much less likely to transition to a DOCA.

During the same period, VAs as a percentage of all appointment types fell much further (from 17% to 10%).

Why would companies ostensibly eligible to enter SBR choose the generally more expensive process of VA?