Fernhill School in Rutherglen, which educated around 250 pupils aged between three and 18, ceased operations after directors concluded it was insolvent.
Donald McKinnon, a turnaround specialist from Wbg, has been appointed provisional liquidator and will oversee the next steps.
The school had been due to close at midday on Friday, June 19, but the decision was taken to shut immediately to “minimise distress for pupils and staff”.
A planned Fun Day was also cancelled as arrangements were made to secure the site.
Fernhill School was founded in 1972 and was granted charitable status in 1975. It previously survived financial difficulties in 2014 following a fundraising campaign backed by parents and staff.
The closure follows mounting financial pressures, including rising costs, VAT on school fees and falling pupil numbers.
It has also emerged that the school had not submitted accounts to the charity regulator for several years.
Mr McKinnon said: “Following a board meeting which concluded that the school was insolvent following a challenging period during which the school faced enormous financial pressures, including rising costs, VAT on school fees, and the many challenges that ultimately made its future unviable, Fernhill directors Giuseppe ‘Sep’ Marini and David Equi took the decision to petition the court for my appointment as provisional liquidator.
“My primary duty in this role is to safeguard the wellbeing of the pupils and the staff.
“Once the liquidator has been appointed, there will be an investigation into what led to this predicament.
“While the school had been due to close at 12 noon tomorrow, I have taken the practical decision to close it today to avoid any further distress to the pupils.
“To that end, I considered it appropriate and necessary to cancel the planned Fun Day to safeguard the pupils welfare regarding an obligation to appoint professionals on-site to deal with security and other practical matters at hand.
“I would like to thank all staff members who, over a difficult period, have enabled the pupils to sit their exams. We appreciate the tremendous efforts made by teachers under very difficult circumstances.”
