The former vice-chancellor of Queen's University, Sir George Bain, has been given the task of restructuring the crisis-hit Ulster Youth Orchestra.
Sir George Bain is to lead the orchestra's restructuring
It was revealed last week that bills had not been paid, the phone was disconnected and staff were no longer employed in its office.
An emergency meeting was held with the Arts Council on Tuesday.
The orchestra said Sir George's wealth of experience would be instrumental in shaping its future role and direction.
Part of his role will also be to improve its fundraising efforts.
BBC Northern Ireland arts correspondent Maggie Taggart said the emergency meeting with the Arts Council had produced an agreed plan for the future.
"However, funding for the next financial year has not yet been agreed and it's understood there are no immediate plans to pay the money owed to creditors," she said.
Speaking on Wednesday, the orchestra's chairman, Tim Kerr, said it had been a difficult year for them.
He said the orchestra was delighted that Sir George Bain would be taking on an advisory role.
"We are very optimistic and hopeful that we will come out the far end of this and be able to go on and continue our year's work," he said.
The orchestra was founded 13 years ago under the auspices of the Arts Council, along with the education and library boards.
It provides extra tuition and performances for hundreds of Northern Ireland young musicians.