Former Smart50 finalist Paid International has entered voluntary administration, just months after the online finance provider agreed to refund $1.128 million to customers who were charged excessive loan fees.
Ian Francis and John Park of FTI Consulting were appointed administrators of Paid International on January 22. The first meeting of creditors is scheduled to take place in Perth on February 4.
A spokesperson for FTI Consulting told SmartCompany* the administrators are currently “in the very early stages of reviewing all aspects of the business, including its investigations as to the reasons why the company was placed in voluntary administration”.
“A restructuring proposal is being proposed by Paid International’s directors, which will assist in determining the most likely pathway for the company’s future,” the spokesperson says.