Document ID: chunk:federal_register_of_legislation:F2015L01754:body:0:p1
Version: federal_register_of_legislation:F2015L01754
Segment Type: other
Provision Reference: 
Character Range: 0–2720

NOTICE OF APPROVAL
COMMONWEALTH OF AUSTRALIA
Higher Education Support Act 2003
VET Provider Approval No 20 of 2015

Approval under subclause 6(1), decision under paragraph 11(1)(a), and notice of approval under paragraph 11(1)(b) of Schedule 1A to the Higher Education Support Act 2003 (HESA).

I, Dean Woodgate, a delegate of the Minister for Education and Training:

   (a)      approve the application of Tandem College Pty Ltd (ACN: 058 450 669 ABN: 98 058 450 669) as a VET provider in accordance with subclause 6(1) of Schedule 1A to HESA; and
   (b)      impose conditions on the approval of Tandem College Pty Ltd as a VET Provider in accordance with subclause 12A(1) of Schedule 1A to HESA; and
   (c)       note that this approval decides the application of Tandem College Pty Ltd as required by paragraph 11(1)(a) of Schedule 1A to HESA; and
   (d)      hereby give Tandem College Pty Ltd written notice of my approval as required by paragraph 11(1)(b) of Schedule 1A to HESA.

Conditions
    1. Tandem College Pty Ltd must maintain adequate liquidity levels as measured by a current ratio of 1.0 or above for the period of its approval.
    2. Tandem College Pty Ltd must maintain a positive equity position for the period of its approval.
    3. Tandem College Pty Ltd must maintain for a period of 36 months from the date of deposit, the capital injection of $500,000 deposited into its NAB bank account by REDH Pty Ltd on 15 September 2015. This will be in the form of cash and/or the receivable amount owed to Tandem Pty Ltd under the VET FEE-HELP scheme.
    4. Tandem College Pty Ltd will ensure that REDH Pty Ltd adheres to its agreement not to recall balances of the unsecured interest-bearing loan of $275,285.42 provided to Tandem College Pty Ltd, should such an action be likely to have an adverse material effect on the financial viability of Tandem College Pty Ltd for the period of its approval.
    5. Tandem College Pty Ltd will not provide any new guarantees or loans to its directors or related entities that could have a material effect on its finances for the period of its approval.
    6. Tandem College Pty Ltd must not offer its assets as security for the benefit of any other person or entity including associated entities except as a consequence of any commercial loan arrangements with a recognised financial institution for the period of its approval. Associated entity has the meaning given by section 50AAA of the Corporations Act 2001.
    7. Tandem College Pty Ltd must provide the Department responsible for administering the Higher Education Support Act 2003 with all required financial information as specified in the Financial Viability Instructions, on an annual basis by