Things are moving quickly for Brindabella Christian College, which may have a new owner soon. Photo: Region.
A potential buyer for Brindabella Christian College should be known within weeks.
The Lyneham private school’s administrators have updated parents and the college community on the progress of its expression of interest process to find a new owner for the school.
It appears they have short-listed a number of potential buyers.
Deloitte’s Sam Marsden said the administrators were encouraged by the level of interest, calibre, and professionalism of the various parties in the final stage of the sale process.
“These parties are currently progressing with their due diligence,” he said.
“We expect to be in a position to share with parents the name of our preferred party prior to the start of Term 2.”
The update comes as the Legislative Assembly passed an urgent bill today (10 April) to limit public consultation on a change of registration for the school to less than the 60 days usually required but a minimum of seven days to help ensure a smooth and viable transition to a new owner.
Although there were concerns that a long consultation period would drain the school’s finances, it is understood that the change will give administrators greater flexibility and does not mean that money will run out after seven days.
A sunset clause means the change will lapse at the end of the year.
Mr Marsden said that once the preferred buyer was made known, the administrators would seek the views of the school community on this possible new proprietor, as well as conduct public consultation, starting at some point during the Term 1 holiday period.
“The purpose of our consultation is to obtain the views of the community about the college and the proposed transaction, in particular to raise any preferences and concerns you have in relation to the change of proprietor and also to give the potential party a greater understanding of the nature of the College and its community,” Mr Marsden said.
Feedback would then be passed on to the ACT Government’s Registration Standards Advisory Board, whose approval is required before any sale or recapitalisation is completed, he said.
A new proprietor will be taking on an operation that owes $20.8 million to more than 200 creditors, including at least $6 million to the Tax Office. Photo: Region.
The administrators will have the capacity to negotiate with another party if, for some reason, the preferred deal falls through.
The school reform group welcomed the administrators’ update, along with the passing of the Amendment Bill today and a minimum seven-day consultation period for a change in registration.
“We’re grateful for Deloitte’s responsiveness to community feedback this week expressed in their circular today and reassured by their commitment to informing and hearing the community’s views in regards a decision that will shape and impact the school community for potentially decades to come,” Reform BCC said.
“The school community will no doubt be bolstered by the fact their voice has been heard.”
ACT Education Minister Yvette Berry said the Education Amendment Bill was practical legislation that will enable Brindabella Christian College to transition to a new proprietor.
“This has always been about making sure that students at the school can continue to learn, and teachers can continue to teach,” she said.
She thanked the Association of Independent Schools, Catholic Education, Independent Education Union, the Association of Parents and Friends, Reform BCC and the community for their support and engagement.
A new proprietor will be taking on an operation that owes $20.8 million to more than 200 creditors, including at least $6 million to the Tax Office.
Funding from NAB and both the ACT and Federal governments, along with tuition fees, have enabled Brindabella to stay open and be offered as a going concern, but the administrators are seeking urgent payment of any outstanding fees.
Brindabella is still facing regulatory action from both governments, but Ms Berry has always said the school’s registration was not in doubt and that her preference was to keep it open.
The school has more than 1000 students enrolled. The administrators announced last month that the smaller Charnwood campus would close on Friday (11 April).
