Plymouth Argyle Football Club will face its winding up order on Wednesday with director George Synan confident the club can survive.
The Npower Championship side owes around £700,000 to HM Revenue & Customs in unpaid taxes with the Pilgrims unable to pay its players and staff for November.
It has been reported that the club has been attempting to find a late investor to stave off the threat of being wound up, with former Leeds United and Cardiff chairman Peter Ridsdale in talks with the club, who were quick to quash any speculation that he would takeover.
Speaking last week, director Synan was calm about the prospect facing the club. "I'm personally not worried, and at this point in time, we see no reason as to why we can't work our way out of this problem," he said.
He added: "I'll be here in Plymouth as long as it takes to get this issue sorted out. He's [Peter Ridsdale] still involved in the negotiations, helping us and adding advice."
The club is expected to ask for an extension to the winding up petition in the High Court .