Higher Education Support Act 2003 - VET Provider Approval No. 6 of 2015

Link to law: https://www.comlaw.gov.au/Details/F2015L00501

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now
 
 
NOTICE OF APPROVAL
 
COMMONWEALTH OF AUSTRALIA
 
Higher Education Support Act 2003
 
VET Provider Approval No 6 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 (the Act).
 
I, Maryann Quagliata, a delegate of the Minister for Education and Training
(a)           approve the application of Global Training Institute Pty Ltd (ACN:  111 214 610
ABN: 74 111 214 610) as a VET provider in accordance with subclause 6(1) of Schedule 1A to the Act; and
(b)          impose conditions on the approval of Global Training Institute 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 Global Training Institute Pty Ltd as required by paragraph 11(1)(a) of Schedule 1A to the Act; and
(d)          hereby give Global Training Institute Pty Ltd written notice of my approval as required by paragraph 11(1)(b) of Schedule 1A to the Act.
 
Conditions
i.                Global Training Institute Pty Ltd must maintain adequate liquidity levels as measured by a current ratio of 1.0 or above for the period of its approval.
ii.              Global Training Institute Pty Ltd must maintain a positive equity position for the period of its approval.
iii.             Global Training Institute Pty Ltd must not declare or pay any dividends to its shareholders where such an action is likely to have a material impact on its ongoing financial viability for the period of its approval.
iv.            Global Training Institute Pty Ltd must 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.
v.              Global Training Institute 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.
vi.            Global Training Institute 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.
vii.           Global Training Institute Pty Ltd must, in writing, advise the Department responsible for administering the Higher Education Support Act 2003 of any events affecting Global Training Institute Pty Ltd or a related entity that may significantly affect the capacity of Global Training Institute Pty Ltd to meet the VET quality and accountability requirements under the Act for the period of its approval. The written advice must be provided within 10 working days of the event occurring.
viii.         Global Training Institute Pty Ltd must inform the Department responsible for administering the Higher Education Support Act 2003 in writing of changes to directors, company structure and/or its constitution for the period of its approval. The written advice must be provided within 10 working days of the event occurring.
ix.            Global Training Institute Pty Ltd must not include in VET units of study, any units of competency that are not listed as part of the diploma or above level qualification in the relevant Training Package or VET Accredited Course for the period of its approval.
x.              Global Training Institute Pty Ltd must advise the department responsible for administering the Higher Education Support Act 2003 of any regulatory activity undertaken or being undertaken by ASQA relating to non-compliance with the Standards for NVR Registered Training Organisations for five years from the date of approval.
xi.            Global Training Institute Pty Ltd must advise the department responsible for administering the Higher Education Support Act 2003 of any regulatory activity that has been or is being undertaken in relation to Australian Consumer Law and/or fair trading laws for five years from the date of approval.
xii.           Global Training Institute Pty Ltd must report data monthly for two years from the date of approval.
 
In accordance with subclause 12(2) of Schedule 1A to the Act this notice of approval commences on the day after it is registered on the Federal Register of Legislative Instruments.
 
Dated this 28th day of March 2015
 
 
 
 
Maryann Quagliata
Branch Manager
Delegate of the Minister for Education and Training