The BBC is reporting new figures it has obtained that show debts run up by 113 academy trusts in England amount to almost £25m.
The numbers raise “serious concerns about the accountability” of the system, said Meg Hillier, chairwoman of the Commons Public Accounts Committee.
More than half of England’s secondary schools are run by self-governing academy trusts.
The government said financial oversight of academies was “more robust than in council-run schools”.
The DfE’s Education Funding Agency investigated one academy trust, Lilac Sky Schools, over its financial governance.
It runs nine primary schools in Kent and East Sussex. The most recent accounts show a deficit of £665,972.
And last year one of its schools was threatened with closure because of poor academic performance.
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