BizPay Hits Financial Turbulence, Enters Receivership with Cathro & Partners at the Fore
BizPay, another buy now, pay later service provider, has encountered financial difficulties, culminating in its entry into receivership. Initially harboring ambitions of a $400 million stock market listing, BizPay offered invoice payment options primarily to small and medium-sized businesses. Jonathon Keenan and Peter Krejci from BRI Ferrier were initially appointed as administrators, seeking to restructure or sell the business. However, on November 29, a secured creditor moved the company into receivership, appointing Simon Cathro and David Mutton of Cathro & Partners as receivers. This turn of events marks a significant shift for BizPay, which had undergone substantial changes, including a workforce reduction and the resignation of its CEO, David Price, in July 2022.
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