111Other events

111 Other events

(1) An approved course provider must give written notice to the Secretary of any of the following events within 24 hours of the event occurring: (a) the provider defaults in relation to a student; (b) notice is served on the provider, or proceedings are taken, to: (i) cancel the provider’s incorporation or registration under the Corporations Act 2001 or similar legislation; or (ii) dissolve the provider as a legal entity; (c) the provider comes under a form of external administration referred to in subsection 600H(2) of the Corporations Act 2001 or an equivalent arrangement; (d) the provider fails to comply with a statutory demand within the meaning of section 459F of the Corporations Act 2001; (e) the provider is unable to pay all of its debts when they become due; (f) proceedings are initiated for an order for the provider’s winding up; (g) at a meeting of the provider, a resolution is made to wind up the provider. (2) If an approved course provider intends to default in relation to a student, the provider must give the Secretary written notice of the intention as soon as practicable.

Note: Section 66B of the VET Student Loans Act 2016 describes when an approved course provider defaults in relation to a student.