Openpay Group (ASX:OPY) - Voluntary Administration

Openpay Group (ASX:OPY), a Victoria-based buy now pay later company with a focus on higher-valued transactions including healthcare services, entered voluntary administration on 23 November. The company was previously placed in receivership in February, after never having turned a profit since its listing on the ASX in 2019. Since then, the Australian government has announced plans to regulate buy now pay later services as a consumer credit product, such that companies like Openpay will be required to have a credit licence and comply with responsible lending obligations. The company has already withdrawn from the UK market and paused its US operations indefinitely. Simon Cathro and Declan Lane of Cathro & Partners were appointed joint administrators.