A meeting will take place with parents this evening to discuss the future of Llandovery College in Carmarthenshire - where a teaching union says staff haven't been paid.
The warden at the independent school, which was visited by the Prince of Wales last year, says the company running it had to be closed, but that the school will start next term as usual. The Association of Teachers and Lecturers says its working hard with the college to ensure its survival, and to protect staff jobs.
In a statement on their website the school say: "Llandovery College has... announced plans to secure it's future as one of Wales' leading independent schools.
Guy Ayling who took up his post as Warden in April this year, told staff and parents that in order to safeguard the long term future of Llandovery College, it has been necessary to close the company currently operating the school."
Mr. Ayling said "A new company has already been formed and will be taking over the running of Llandovery College in it's place. Llandovery College will continue to operate with it's full range of services and facilities and we will start the Michaelmass term as usual on September 3rd".