Should we remove Openpay from terminals and our website?
Openpay has ceased providing new plans to customers at this time. Accordingly, it is requested that Merchants remove all mention of Openpay, this includes branding within stores and on websites.
How do we action refunds?
Openpay will no longer be processing refunds. Accordingly, merchants can process refunds at their discretion and in accordance with their usual return policy, via an alternate tender. Openpay will continue to collect payments from customers as per their existing payment plan.
Please note that merchants will still be able to access the Openpay platform to verify that the transaction was made using Openpay.
When will we receive payment of outstanding invoices?
Due to the appointment of Receivers, all invoices that remain unpaid prior to the date of appointment will form an ordinary unsecured claim against Openpay. Unsecured debts are not payable by the Receivers and payment is dependent upon the outcome of the receivership.
When will we receive payment of the outstanding settlement from Friday 3 February 2023?
Similarly to the above, as the settlement amount was incurred prior to the appointment of the Receivers, the amount owing forms an ordinary unsecured claim against Openpay and is not payable by the Receivers. Payment of this amount is dependent upon the outcome of the receivership.
Who is McGrathNicol?
McGrathNicol is an independent advisory and restructuring firm specialising in Advisory, Forensic, Transactions, Restructuring and Insolvency.
Who is in control of the Company?
Barry Kogan, Jonathan Henry and Robert Smith were appointed Joint and Several Receivers and Managers (Receivers) of Openpay.
What is a Receivership?
Receivership is a procedure where a secured creditor of a company appoints a Receiver, typically due to the company defaulting under its loan or other financing agreements.
A Receiver will assume control of the company and have a primary duty to the secured creditor. However, the receiver also has a legal duty to act in the interests of the company.
The role of the Receiver is predominantly to realise the assets of the company and recover amounts owed to the secured creditor.
For more information regarding receivers, please visit www.asic.gov.au.
How can I contact the Receivers?
If you have any queries regarding the receivership, please contact McGrathNicol on openpaygeneral@mcgrathnicol.com. Information will periodically be posted to the Receivers’ website – www.mcgrathnicol.com, under the ‘Creditors’ tab.
