Voluntary Administration For Smiles Inclusive

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.

 

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