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Buy-now-pay-later service Laybuy has been thrown into turmoil after the company’s Australian and New Zealand divisions were placed into receivership on June 17.
By offering a zero-interest alternative to credit cards, Laybuy lets people earn purchases and repay the amount in six weeks through automatic payments that remain interest-free as long as payments are made on time.
Kiwi-based company has announced on its website, with purchases suspended and new registrations prohibited, that David Webb and Robert Campbell of Deloitte New Zealand have been appointed receivers of Laybuy Group Holdings Limited and Laybuy Holdings Limited.
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Deloitte Australia’s Glenn Kanewski and Jason Treacy have also been appointed receivers of Laybuy Australia Pty Limited.
“The UK-based entities and certain other entities in the Laybuy Group are not in insolvency,” Laybuy announced on its website.
However, Laybuy said its services will remain unavailable until further notice.
“There may be temporary outages to some systems or we may need to go offline for a short period of time,” it said.
“We appreciate that the receivership of the companies will be disappointing and receivers are quick to assess the options that may be available.”
Members have been told they will no longer be able to make a new purchase with Laybuy, but customers who took out credit with Laybuy before the collapse are still expected to make their scheduled payments.
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