Kettering Town have been issued with a winding-up petition, with the case expected to be heard on Monday.
In May, it was revealed the Poppies' debts totalled £1.2m and the club were relegated two divisions from the Blue Square Bet Premier.
The club say the matter will be dealt with by their Company Voluntary Arrangement supervisors, Carter Clark.
If the petition is passed when the case is heard by a High Court judge on 9 July, the club will be faced with the prospect of a winding-up order.
This order would effectively mean the company will cease to exist, with all of the club's assets being sold to ensure that debts are paid to their 71 creditors.
However, the club have issued a statement which says the winding up petition "is pre CVA action," implying that the club are protected from a winding up order in a CVA.