Tutors and children attending classes at the closure-threatened Priestley Centre For The Arts are seeking a new home.
The Northern Theatre School - which is part of the centre - is appealing for premises to carry on its work.
The school still pins its hopes on a last minute reprieve for the Priestley, which is due to close on Monday, January 20.
But it has to make arrangements to continue classes and prepare for exams and productions already in the pipeline.
Priestley Centre for the Arts Ltd owes creditors £50,000 and the board agreed last week the company should go into voluntary liquidation.
Members also decided to stop trading on January 20 and an extraordinary general meeting of members on February 4 will take the final decision on liquidation.
The company is solvent because its assets - including the theatre - are worth more than its debts.
The assets would be sold by the liquidator to pay the creditors and any money which was not needed would be handed to a similar charitable trust.
But a group made up of former members and others involved in the Priestley Centre have presented a business plan to a bank and hope to secure a loan to pay the debts.
The Save The Priestley Group is also launching a public appeal to raise £20,000 to convert and modernise the theatre.
The Northern Theatre School teaches about 60 youngsters aged from three to 17 on Saturday mornings and Wednesday evenings.
Children with special needs are also included and the pupils study for London Academy of Music and Dramatic Arts examinations.
Tutor Janet Blenkey said: "Closure would be an enormous blow to us and we hope the centre can be saved.
"The Central Library has offered rooms but we still need help with accommodation."
The school stages about three productions a year and is making plans for its spring performance.
Mrs Blenkey said: "It means so much for the children who are unable to attend other private theatre schools."
Chairman of the company's board, Glen Boldy said: "The families pay nominal fees to attend the classes and it would be a very great loss to the city."
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