After declaring itself closed and sacking nine teachers, a private school is still operating with four students.
Hilltop School in Auckland announced it was closing and made the teachers redundant last Christmas.
Although its trust board has not paid teachers, parents and creditors the $300,000 it owes them, it decided to keep the school running this year while it waited for a buyer.
Board chairwoman Rhonda Evans said this helped to deter vandals.
The board was completing a purchase agreement with a buyer from Japan and this would produce cash to pay teachers, she said.
Teachers were initially told to expect their money this week but payment was likely to be delayed to the end of the month.
This year Hilltop took on a new principal, Mark Broadwith, the former head of Ficino School. His wife Elise is now the teacher.
Mrs Evans said the school would be open in the new term.
She hoped the school would be able to "continue the education philosophy that has been around for a long time but within different parameters".
The Blockhouse Bay property has 15 classrooms on 12,000sq m of land. Its valuation before the property slump was just under $5 million.
Total secured debts against the school's assets are about $2.2 million.
Parents waiting for bond refunds - a collective sum of about $20,000 - will have to wait longer than the teachers for their payment.
Former parents are furious that the school did not disclose its financial situation before announcing it would close, and that the board blamed the closure on the recession.
The 93-year-old school charged students fees of $10,000 a year. It decided to make teachers redundant because the roll for this year had dropped from 50 to 16. It now has only four students.
"Independent schools have been under a lot of pressure, and we are seeing the effect," Mrs Evans said.
A Ministry of Education spokesman said a private school had to remain "efficient" to maintain its registration under the Education Act.
"To be considered efficient a private school must usually provide tuition for nine or more students who have turned 5 but are under 16."
But the registration would be cancelled only if the Education Review Office said the school did not meet efficiency standards.
PRIVATE HELL FOR FORMER TEACHER
Christine Williams has gone from teaching at a private school to queuing at the foodbank.
Ms Williams, who taught at Hilltop School for 18 years, has become dependent on the local foodbank and is selling her possessions on Trade Me.
She is owed a total of $49,000 before tax.
The timing of the redundancy meant it was too late for her to apply for a new position for Term One.
And as the school has been unable to pay its teachers their holiday pay and redundancy she has resorted to desperate measures to survive.
Board chairwoman Rhonda Evans told the teachers they could expect their payment by Friday - but told the Herald the board could not commit to that date. "We are hoping to pay them off by the end of April," she said.
'Shut-down' school still going, with four pupils
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