It means that you have failed to apply payment for your renewal invoice, after being notified twice the third notification will inform you that your domain has been suspended, and deleted from the DNS system.
Update on, December 15, 2011NIC.LY has announced that all future registrations of .LY domains...
Any .LY domain names may be registered, except domains containing obscene and indecent...
To modify the Whois Information (Registrant, Administrive, Technical and Billing Contacts) for...
Anyone can register any of the .LY domain names except for the gov.ly and edu.ly extensions....
As many as you like! There is no limit for the number of .LY domains each person/company is...