Document ID: chunk:federal_register_of_legislation:F2014L01685:body:0:p1
Version: federal_register_of_legislation:F2014L01685
Segment Type: other
Provision Reference: 
Character Range: 0–2806

NOTICE OF APPROVAL

COMMONWEALTH OF AUSTRALIA

Higher Education Support Act 2003

VET Provider Approval No 74 of 2014

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 (the Act).

I, Alison Cleary, a delegate of the Minister for Education
      (a)           approve the application of Elite Training & Development Pty Ltd (ACN:  146 254 702 ABN: 33 146 254 702) as a VET provider in accordance with subclause 6(1) of Schedule 1A to the Act; and
      (b)           impose conditions on the approval of Elite Training & Development Pty Ltd in accordance with subclause 11(1)(a) of Schedule 1A to the Act; and
      (c)           note that this approval decides the application of Elite Training & Development Pty Ltd as required by paragraph 11(1)(a) of Schedule 1A to the Act; and
      (d)          hereby give Elite Training & Development Pty Ltd written notice of my approval as required by paragraph 11(1)(b) of Schedule 1A to the Act.

Conditions

       1. Elite Training & Development Pty Ltd will maintain adequate liquidity levels as measured by a current ratio of 1.0 or above for the period of its approval;
       2. Elite Training & Development Pty Ltd will maintain a positive equity position for the period of its approval;
       3. Elite Training & Development 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;
       4. Elite Training & Development Pty Ltd will 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 and only in accordance with the provisions of this undertaking for the period of its approval;
       5. Elite Training & Development Pty Ltd will provide the Department with all required financial information as specified in the Financial Viability Instructions, on an annual basis and no later than 31 December each year for the period of its approval;
       6. Elite Training & Development Pty Ltd will, in writing, advise the Department of any events affecting Elite Training & Development Pty Ltd or a related entity that may significantly affect the capacity of Elite Training & Development Pty Ltd to meet the VET quality and accountability requirements under the Act for the period of its approval. The written advice will be provided at the time the event occurs;
       7. Elite Training & Development Pty Ltd will inform the Department in writing of changes to directors, company structure and/or its constitution at the time any changes occur for the period of