40What is a financial support statement?

40 What is a financial support statement?

(1) A financial support statement, for an approved provider, is a written statement by the ultimate holding company in relation to the provider that satisfies the requirements in subsections (2), (4) and (5). (2) The statement must either: (a) state that the ultimate holding company is willing and able, while the provider remains an approved provider, to provide any financial support to the provider that is needed in order to enable the provider to pay the debts of the provider specified under subsection (3) in relation to the statement; or (b) state that the ultimate holding company is not willing and able, while the provider remains an approved provider, to provide such financial support to the provider. (3) For the purposes of paragraph (2)(a), the following debts of the provider are specified in relation to the statement (whether or not the debts relate to the provision of aged care services by the provider): (a) any debts of the provider that are outstanding immediately before the start of the day (the giving day) when the statement is given to the Secretary; (b) any debts of the provider that: (i) are debts that become due during the period that starts on the giving day and ends immediately before the start of the first day after the giving day when the provider gives the Secretary another financial support statement for the provider; or (ii) if the provider never gives the Secretary another financial support statement for the provider after the giving day—are debts that become due on or after the giving day. (4) The statement must be signed by: (a) if the ultimate holding company is a body corporate that is incorporated, or taken to be incorporated, under the Corporations Act 2001—a director of the body corporate for the purposes of that Act; and (b) otherwise—a member of the ultimate holding company’s governing body. (5) The statement must be in a form (if any) approved by the Secretary for the purposes of this subsection.