Troubled vocational training company Intueri has been placed in voluntary administration after failing to trade its way out of debt.
The administration covers the company's non-teaching businesses, and does not affect its New Zealand schools, which include Intueri Education, the culinary school NSIA, the Institute of Sport and the College of Massage.
In a statement to the stock exchange, board chair Chris Kelly said it was a disappointing and difficult decision as the New Zealand colleges were performing well and trading profitably.
"However, the overall impact of the Australian regulatory changes forcing Intueri's exit from Australia in 2017, and the earlier wind down of Quantum Education Group, materially changed the scale and revenue generation of the company and its ability to service and repay debt."
Last year Australia's education industry regulator deregistered Intueri's two schools for not reaching required standards and withheld nearly $AU6 million in payments.
Mr Kelly said Intueri had received an offer for the New Zealand schools but the price was short of what it needed to cover its debts to the ANZ Bank, or provide a return to shareholders.
RNZ has been told the bid was from large New Zealand-based private education company ACG Education, which declined to comment.
"We have no comment at this stage and so won't be taking part in an interview today," a spokesperson said.
Conor McElhinney of McGrathNicol, one of two voluntary administrators, said he could not give details of any offers made for the business.
"I can't go into the sale process," he said. "It's too commercially sensitive."
The NZX suspended trading in Intueri, which closed yesterday at 1.1 cents a share, compared with $2.63 when the company listed three years ago.