<div>
 <ul>
 <li>
 
 Openpay announced its move to receivership, with partners from restructuring firm, McGrathNicol, appointed as receivers to control the company&rsquo;s assets, operations, and trading activities.
 
 </li>
 <li>
 
 The move comes after the company reported AUD 18.2 million (~USD 11.9 million) in net cash used in operating activities, with Openpay being voluntarily suspended from the Australian Securities Exchange (ASX) prior to its announcement of receivership.
 
 </li>
 <li>
 
 Following the ASX announcement, customers will temporarily lose access to the Openpay platform for new purchases, but will need to pay any outstanding balances in accordance with their existing agreements.
 
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 <li>
 
 Analyst QuickTake:
 The collapse follows the company&rsquo;s receipt of a ~USD 72 million receivables facility in 
 <a href="https://sp-edge.com/updates/14395">
 November 2022
 </a>
 , which failed to ease cash flow concerns alongside the shutdown of its US operations in 
 <a href="https://sp-edge.com/updates/11449">
 July 2022
 </a>
 . The move to receivership occurred despite its 
 <a href="https://sp-edge.com/updates/16066">
 record results in Q2 FY2023
 </a>
 .
 
 </li>
 </ul>
 
 
</div>

<div>
 
 <a href="https://investors.openpay.com.au/site/pdf/91dea14f-efef-43ce-a6dd-58f5a4fd3708/Appointment-of-Receivers-and-Managers.pdf">
 Press Release
 </a>
 
 
 <a href="https://www.smh.com.au/business/companies/bnpl-openpay-goes-under-as-creditors-chase-debts-20230206-p5ci7o.html">
 The Sunday Morning Herald
 </a>
 
 
 <a href="https://www.nzherald.co.nz/business/buy-now-pay-later-firm-openpay-group-in-trouble-receivers-take-over-and-new-deals-suspended/4WSZTLIFPJHHVBHOG7CG3JAS5I/">
 NZ Herald
 </a>
 
 
 
</div>

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