Truro City chairman Chris Webb says the club have filed for administration.
City also face a winding up order in the High Court on Monday over an unpaid tax bill of £15,000.
Saturday's home game against Boreham Wood will go ahead as scheduled with Truro set to be docked 10 points once an administrator has been appointed.
"The players informed us that unless the club took this course of action they would not turn out for the Boreham match," said Webb.
"Obviously, this is an extremely difficult time for the club, but I can assure everyone concerned - players, supporters and staff - that I and my colleagues are working tirelessly to ensure that every possible effort is being made towards securing the survival and long-term success of the club."
Manager Lee Hodges told BBC Radio Cornwall: "Everyone will turn up and play and give it their all with the little amount of bodies we have."
Webb replaced Kevin Heaney as chairman a week ago after the property developer, who bank-rolled the Blue Square Bet South club's rise up the football pyramid, was declared bankrupt by Truro County Court.