Document ID: chunk:federal_register_of_legislation:F2015L02108:body:0:p1
Version: federal_register_of_legislation:F2015L02108
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NOTICE OF APPROVAL
COMMONWEALTH OF AUSTRALIA
Higher Education Support Act 2003
VET Provider Approval No 29 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, Maryann Quagliata, a delegate of the Minister for Education and Training:

   (a)      approve the application of Alertforce Pty Ltd (ACN:  122 392 778 ABN: 78 122 392 778) as a VET provider in accordance with subclause 6(1) of Schedule 1A to HESA; and
   (b)      impose conditions on the approval of Alertforce 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 Alertforce Pty Ltd as required by paragraph 11(1)(a) of Schedule 1A to HESA; and
   (d)      hereby give Alertforce Pty Ltd written notice of my approval as required by paragraph 11(1)(b) of Schedule 1A to HESA.

Conditions
    1. Alertforce 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. Alertforce Pty Ltd must maintain a positive equity position for the period of its approval.
    3. Alertforce Pty Ltd must maintain the overdraft facility it has established with the National Australia Bank with a minimum balance of $250,000 for a period thirty six months from the date that the contract for the overdraft facility was signed.
    4. The directors of Alertforce Pty Ltd, Mr Brendan Torazzi and Mr Michael McManus, agree not to draw upon the operating profit of Alertforce Pty Ltd, or any other amount owing to them by Alertforce Pty Ltd, should such an action be likely to have a material effect upon the financial viability of Alertforce Pty Ltd.
    5. Alertforce 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. Alertforce 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. Alertforce 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 no later than 31 December each year for the period of its approval.
     8. Alertforce Pty Ltd must, in writing, advise the Department responsible for administering the Higher Education Support