If you are an overseas student at RACWA your money is "safe" as the Australian Government has in place procedures to protect overseas students investment (in ANY educational establishment). In the very worst case scenario of a flying school going under and the money cannot be recoverd the Australian Governemt itself will pay for the student to complete training somewhere else. This was introduced a few years ago after a number of failures of colleges (not flying ones) led to a lot of overseas students losing large sums of money. Australia's reputation overseas was being badly damaged and this was introduced to protect it.
However, if you are an Ozzie student - you're on your own!