Voluntary Administration For Smiles Inclusive

  • November 10, 2020 03:00 PM AEDT
  • Team Kalkine
    Team Kalkine
    admin Team Kalkine
    16957 Posts

    Team Kalkine comprises of experts who understand various markets nuances and are enthusiastic and passionate to provide best possible offerings in the form of insights and stories. The team has rich experience of working across different markets with...

Dental group Smiles Inclusive Limited (ASX:SIL) fell into the hands of voluntary administrators as the firm was unable to pay back a $12 million loan to National Australia Bank (ASX:NAB).

The news came just after one of the directors stepped down and the belated production of half-year results that not even the auditor had the confidence to back.

There were several questions raised by former business partners over hundreds of dollars owed by the company but the NAB debt garnered the most attention.

Inhibited by severe limitations on raising capital and operations that have run at a loss, the Gold Coast-based firm confirmed on 9 November 2020 that it is unable to repay amounts due under a deed with NAB. This was then followed by NAB terminating the release deed.

In response, the dental firm appointed Luci Palaghia and Tim Heenan of Deloitte Restructuring Services as voluntary administrators for both the Smiles Inclusive corporate group and Totally Smiles Pty Ltd.

 

 


Disclaimer
The website https://kalkinemedia.com/au is a service of Kalkine Media Pty. Ltd. (Kalkine Media) A.C.N. 629 651 672. The principal purpose of the content on this website is to provide factual information only and does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) or engage in any investment activity under discussion. We are neither licensed nor qualified to provide investment advice through this platform. In providing you with the content on this website, we have not considered your objectives, financial situation or needs. You should make your own enquiries and obtain your own independent advice prior to making any financial decisions.
Some of the images that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed on this website unless stated otherwise. The images that may be used on this website are taken from various sources on the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image. The information provided on the website is in good faith, however Kalkine Media does not make any representation or warranty regarding the content, accuracy, or use of the content on the website.

 

   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK