ASIC chases Smiles with court action over missing accounts

The corporate watchdog has threatened legal action against the embattled Gold Coast dental group, Smiles Inclusive.

Sep 25, 2020, updated Sep 25, 2020
Smiles has been served with documents ordering it to provide its missing accounts.

Smiles has been served with documents ordering it to provide its missing accounts.

The company, which is facing a shareholder rebellion over a host of controversies, was yesterday served with documents filed in the Magistrates Court by the Australian Securities and Investments Commission for the company to lodge its December 31 accounts.

It has 28 days to do so and a hearing has been set for November 10.

ASIC has said it would withdraw the matter if Smiles lodged the documents no later than a week before the court date.

Smiles said it was currently working towards raising capital and would be in a position to lodge the accounts before the hearing.

The company also announced one director, Peter Evans, had resigned from the board and would be replaced by  Genna Levitch.

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The board is facing a showdown next month after a group of disgruntled dentists called an extraordinary general meeting to replace three directors.

Earlier this year the company was under pressure from its bank to repay loans and was forced to find an emergency line of cash to prevent it from falling into administration.

Smiles shares have been suspended from trade because of the missing accounts.



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