The Management Board of Dent-a-Medical, a company listed on NewConnect, filed a bankruptcy petition under the Restructuring Law on 30 January this year. The company stated that this is due to the situation that the monetary liabilities exceed the value of its assets. This state lasts for over 24 months.
Opening of the restructuring procedure
The application concerns the opening of restructuring proceedings in the form of an arrangement and, in the event of the court not complying with the application, a declaration of bankruptcy.
Dent-a-Medical informed that its undisputed maturing liabilities are worth about PLN 39,000. Moreover, the Company has about PLN 88,000 of credits and loans. Whereas the disputable claims lodged systematically by Medihelp company are worth over PLN 300,000.
Decrease in revenue
The company creates personalized dental care programs for individual and business clients. The services are offered through a nationwide network of partner dental clinics. It has 312 partner clinics in the whole country.
Dent-a-Medical has announced in a stock exchange announcement that its sales revenues in Q4 2019 will decrease by 50% compared to Q1 2019 and Q2 2019. The reason for the decrease is a reduction in the number of clients.
In Q2 2019, the company started operating in the second, new business segment – wholesale trade in insulation materials for construction and agriculture.