FINANCIAL HEALTH. 11.1 The Provider will immediately notify the Department in writing if:
11.1.1 the Provider commences negotiations with all or any class of its creditors with a view to rescheduling any of its debts, or makes a proposal for or enters into any compromise or arrangement with any of its creditors other than for the sole purpose of a scheme for a solvent amalgamation of the Provider with one or more other companies or the solvent reconstruction of the Provider;
11.1.2 a petition is filed, a notice is given, a resolution is passed, or an order is made, for or in connection with the winding up of the Provider other than for the sole purpose of a scheme for a solvent amalgamation of the Provider with one or more other companies or the solvent reconstruction of the Provider;
11.1.3 the Provider suspends or ceases, or threatens to suspend or cease, carrying on all or a substantial part of its business; or
11.1.4 there is a change of control of the Provider (within the meaning of section 1124 of the Corporation Tax Act 2010).
11.2 The Department reserves the right, at any reasonable time, and as it may deem necessary to require the Provider, at its own cost, to:
11.2.1 provide evidence of financial resources and the level of turnover sufficient to enable it to continue to deliver the Services; and
11.2.2 provide a copy of the Provider’s latest audited Accounts.
FINANCIAL HEALTH. 12.1 The Department will undertake an assessment of financial health and control (ESFA financial health assessment - XXX.XX (xxx.xxx.xx)). Should the Department, at its absolute discretion, consider that the outcome of any financial health and/or control assessment is inadequate the Department may, in its absolute discretion take one or more of the following actions:
(a) require the Contractor to, and the Contractor will, accept and comply with additional Contract obligations relating to the improvement of financial health and/or control arrangements;
(b) require the Contractor to suspend the recruitment of Learners to the Services and/or cap any growth in Learner numbers;
(c) give consideration to what changes, if any, are required in its allocations when finalising the amount of funding in any subsequent Contract between the parties; and/or
(d) terminate the Contract in accordance with Clause 40.4.2.
12.2 Where the Contractor fails to comply with requirements imposed under Clauses 12.1(a) and/or 12.1(b) the Department will consider termination under Clause 40.4.2.
12.3 Failure to submit accounts for assessment when requested will automatically deem the assessment under clause 12.1 as 'inadequate' and clauses 12.1(a) to 12.1(d) will apply.
12.4 Where the outcome of a financial assessment illustrates a deterioration from the previous assessment the Department may in its absolute discretion request such further assurance or information from the Contractor as it deems necessary.
12.5 The Contractor must notify the Department immediately if it, or any Contractor Related Party, is experiencing or forecasting any financial difficulties and the Department may ask for additional financial information to obtain assurance of continuity of delivery of the Services.
12.6 The Department may require the Contractor to carry out an independent business review at the Contractor’s cost (or for the Department to procure and recharge to the Contractor at its sole discretion) if the Department has concerns over the financial health of the Contractor.
12.7 The Department can at any time require the Contractor at its own cost to provide a copy of the Contractor’s latest accounts, any historic accounts as requested, and submit further copies of the accounts as soon as they become available and to provide, upon request:
12.7.1 the Contractor’s up to date management accounts, including financial performance against delivery;
12.7.2 financial forecasts of the Contractor’s financial...
FINANCIAL HEALTH. 11.1 The Department will undertake an assessment of financial health and control (xxxxx://xxx.xxx.xx/government/publications/esfa-financial-health- assessment). Should the Department, at its absolute discretion, consider that the outcome of any financial health and/or control assessment is inadequate the Department may, in its absolute discretion take one or more of the following actions:
(a) require the Provider to, and the Provider will, accept and comply with additional conditions of funding relating to the improvement of financial health and/or control arrangements;
(b) require the Provider to suspend the recruitment of Learners to the Services and/or cap any growth in Learner numbers;
(c) give consideration to what changes, if any, are required in its allocations when finalising the amount of funding in any subsequent Agreement between the parties; and/or
(d) terminate the Agreement in accordance with Clause 36.3.2.
11.2 Where the Provider fails to comply with requirements imposed under Clauses 11.1(a) and/or 11.1(b) the Department will consider termination under Clause 36.3.2.
11.3 Failure to submit accounts for assessment when requested will automatically deem the assessment under Clause 11.1 as 'inadequate' and Clauses 11.1(a) to 11.1(d) will apply.
11.4 Where the outcome of a financial assessment illustrates a deterioration from the previous assessment the Department may in its absolute discretion request such further assurance or information from the Provider as it deems necessary.
11.5 The Provider must notify the Department immediately if it, or any Provider Related Party, is experiencing or forecasting any financial difficulties and the Department may ask for additional financial information to obtain assurance of continuity of delivery of the Services.
11.6 The Department may require the Provider to carry out an independent business review at the Provider’s cost (or for the Department to procure and recharge to the Provider at its sole discretion) if the Department has concerns over the financial health of the Provider.
11.7 The Department can at any time require the Provider at its own cost to provide a copy of the Provider’s latest accounts, any historic accounts as requested, and submit further copies of the accounts as soon as they become available and to provide, upon request:
11.8 Where the further information required from the Provider under Clauses 11.4, 11.5, 11.6 and 11.7 does not provide adequate assurance to the Department then th...
FINANCIAL HEALTH. 11.1 The Employer will immediately notify the Department in writing if:
11.1.1 the Employer commences negotiations with all or any class of its creditors with a view to rescheduling any of its debts, or makes a proposal for or enters into any compromise or arrangement with any of its creditors other than for the sole purpose of a scheme for a solvent amalgamation of the Employer with one or more other companies or the solvent reconstruction of the Employer;
11.1.2 a petition is filed, a notice is given, a resolution is passed, or an order is made, for or in connection with the winding up of the Employer other than for the sole purpose of a scheme for a solvent amalgamation of the Employer with one or more other companies or the solvent reconstruction of the Employer;
11.1.3 the Employer suspends or ceases, or threatens to suspend or cease, carrying on all or a substantial part of its business; or
11.1.4 there is a change of control of the Employer (within the meaning of section 1124 of the Corporation Tax Act 2010).
11.2 The Department reserves the right, at any reasonable time, and as it may deem necessary to require the Employer, at its own cost, to:
11.2.1 provide evidence of financial resources and the level of turnover sufficient to enable it to continue to deliver the Services; and
11.2.2 provide a copy of the Employer’s latest audited Accounts.
FINANCIAL HEALTH. Financial Management and Control
FINANCIAL HEALTH. Objective Metric
FINANCIAL HEALTH. 11.1 The Department will undertake an assessment of the NMSS’s financial health and control (ESFA financial health assessment - XXX.XX (xxx.xxx.xx)). Should the Department, at its absolute discretion, consider that the outcome of any financial health and/or control assessment is inadequate the Department may, in its absolute discretion take one or more of the following actions:
11.1.1 require the NMSS to, and the NMSS will, accept and comply with additional conditions of funding relating to the improvement of financial health and/or control arrangements;
11.1.2 require the NMSS to suspend the enrolment of Pupils to the Services and/or cap any growth in Pupil numbers;
11.1.3 give consideration to what changes, if any, are required in its allocations when finalising the amount of funding in any subsequent agreement between the parties; and/or 11.1.4 terminate the Agreement in accordance with Clause 36.3.2.
11.2 Where the NMSS fails to comply with requirements imposed under Clauses
11.1.1 and/or 11.1.2 the Department will consider termination of the Agreement under Clause 36.3.2.
11.3 Failure to submit accounts for assessment when requested will automatically deem the assessment under Clause 11.1 as 'inadequate' and Clauses 11.1.1 to
11.1.4 will apply.
FINANCIAL HEALTH. 11.1 The Department will undertake an assessment of the Provider’s financial health and control (ESFA financial health assessment - XXX.XX (xxx.xxx.xx)). Should the Department, at its absolute discretion, consider that the outcome of any financial health and/or control assessment is inadequate the Department may, in its absolute discretion take one or more of the following actions:
11.1.1 require the Provider to, and the Provider will, accept and comply with additional conditions of funding relating to the improvement of financial health and/or control arrangements;
11.1.2 require the Provider to suspend the recruitment of Learners to the Services and/or cap any growth in Learner numbers;
11.1.3 give consideration to what changes, if any, are required in its allocations when finalising the amount of funding in any subsequent agreement between the parties; and/or 11.1.4 terminate the Agreement in accordance with Clause 36.3.3.
11.2 Where the Provider fails to comply with requirements imposed under Xxxxxxx
11.1.1 and/or 11.1.2 the Department will consider termination of the Agreement under Clause 36.3.3.
11.3 Failure to submit accounts for assessment when requested will automatically deem the assessment under Clause 11.1 as 'inadequate' and Clauses 11.1.1 to
11.1.4 will apply.
FINANCIAL HEALTH.
12.1 The Department will undertake an assessment of the Contractor’s financial health and control ESFA financial health assessment - XXX.XX (xxx.xxx.xx). Where the Contractor is a college, the financial assessment will be undertaken in accordance with the formal intervention – financial provisions in the Contractor’s grant funding agreement with the Department.
12.2 Should the Department, at its absolute discretion, consider that the outcome of any financial health and/or control assessment is inadequate the Department may, in its absolute discretion take one or more of the following actions:
12.2.1 require the Contractor to, and the Contractor will, accept and comply with additional Contract obligations relating to the improvement of financial health and/or control arrangements;
12.2.2 require the Contractor to suspend the recruitment of Learners to the Services and/or cap any growth in Learner numbers;
12.2.3 give consideration to what changes, if any, are required in its allocations when finalising the amount of funding in any subsequent contract between the Parties; and/or
12.2.4 terminate the Contract in accordance with Clause 40.4.1 (Termination).
12.3 Where the Contractor fails to comply with requirements imposed under Clauses 12.2.1 and/or 12.2.2 the Department will consider termination of the Contract under Clause 40.4.2 (Termination).
12.4 Failure to submit accounts for assessment when requested will automatically deem the assessment under Clause 12.2 as 'inadequate' and Clauses 12.2.1 to 12.2.4 will apply.
12.5 Where the outcome of a financial assessment illustrates a deterioration from the previous assessment the Department may in its absolute discretion request such further assurance or information from the Contractor as it deems necessary.
12.6 The Contractor must notify the Department immediately if it, or any Contractor Related Party, is experiencing or forecasting any financial difficulties and the Department may ask for additional financial information to obtain assurance of continuity of delivery of the Services.
12.7 The Department may require the Contractor to carry out an independent business review at the Contractor’s cost (or for the Department to procure and recharge to the Contractor at its sole discretion) if the Department has concerns over the financial health of the Contractor.
12.8 The Department can at any time require the Contractor at its own cost to provide a copy of the Contractor’s latest accounts, any historic...
FINANCIAL HEALTH.
17.1 The Provider will immediately notify the Department in writing if:
17.1.1 the Provider commences negotiations with all or any class of its creditors with a view to rescheduling any of its debts, or makes a
17.1.2 a petition is filed, a notice is given, a resolution is passed, or an order is made, for or in connection with the winding up of the Provider other than for the sole purpose of a scheme for a solvent amalgamation of the Provider with one or more other companies or the solvent reconstruction of the Provider;
17.1.3 the Provider suspends or ceases, or threatens to suspend or cease, carrying on all or a substantial part of its business; or
17.1.4 there is a change of control of the Provider (within the meaning of section 1124 of the Corporation Tax Act 2010).
17.2 The Department reserves the right, at any reasonable time, and as it may deem necessary to require the Provider, at its own cost, to:
17.2.1 provide evidence of financial resources and the level of turnover sufficient to enable it to continue to deliver the Services; and
11.2.2 provide a copy of the Provider’s latest audited Accounts. 18 INSPECTIONS
18.1 When the Provider receives notification from an Inspectorate that the Services are to be inspected, the Provider will, on request, provide the Department with details of its quality improvement activity, and any other relevant information in accordance with the required timescale of the Inspectorate. The Provider must promptly notify the Department via the Customer Help Portal: Home - Customer Help Portal (xxxxxxxxx.xxx.xx) of the date of the meeting at which an Inspectorate gives feedback on the inspection and allow the Department’s nominated representative to attend the meeting. The Provider must confirm to the Department in writing the outcome of the inspection within 5 Working Days of receiving the feedback from the Inspectorate.
18.2 Ofsted may, at any time during the Agreement Period, undertake an inspection of the Provider. The Department will consider the outcome of any such inspection in the manner set out in Clauses 18.3 to 18.8.
18.3.1 require the Provider to accept and comply with additional conditions of funding relating to the improvement of the Services assessed as inadequate; and/or
18.3.2 require the Provider to suspend the recruitment of Learners to, and/or to cap any growth in, the Services which is assessed as inadequate; and/or
18.3.3 give consideration to the Services which are assessed as inadequate in its all...
