Openpay has been placed into receivership, following a trading halt and the resignation of its director this month.
Barry Kogan, Jonathan Henry and Rob Smith from McGrathNicol have been appointed receivers and managers of the 'Buy Now Pay Later' business.
"The receivers and managers will work closely with Openpay's employees, merchants and customers to urgently determine the appropriate strategy for the business," the receivers said in a statement.
Openpay was placed into a trading halt last week, announcing it had not received funding under the company’s working capital facility with AH Meydan Pty Ltd.
Openpay director Yaniv Meydan has since tendered his resignation.
According to the company's latest quarterly report, Openpay sustained $18.2 million in operating losses and a $38 million loss over the last two quarters.
Glue, Berlei, Kookai, Crossroads, Kookai, Clarks and Bras N Things are listed as clients of the business.
It is understood suppliers will be paid on normal terms during the receivership.