The future of buy now, pay later service Laybuy appears to be in danger after the business was placed into receivership.
The company offers a zero-interest alternative to credit cards and allows consumers to make purchases and pay back the money over six weekly automatic payments.
The New Zealand company announced via its website that David Webb and Robert Campbell of Deloitte New Zealand have been appointed receivers and managers on June 17.
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Meanwhile, Glen Kanevsky and Jason Tracy of Deloitte Australia have been appointed over Laybuy Australia Pty Limited.
Laybuy services will continue to remain unavailable until further notice, according to the notice on its website.
“This means; You won’t be able to sign up to Laybuy, you won’t be able to make a new purchase with Laybuy,” the website says.
People using the service however can update payment card details and make manual repayments.
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