Bolton manager Neil Lennon is worried that some players could choose to leave if they are not paid this month.
The club are £172.9m in debt and facing a winding-up petition from Revenue and Customs over £600,000 of unpaid taxes.
Players were not paid in November and can choose to terminate their contracts with two weeks' notice if the same happens this month.
"That is their right and at this time of year it's a huge concern if they're not getting paid," Lennon said.
"I remember being in Glasgow when it happened to Rangers and players used their right to leave Rangers and go and play in England.
"So that scenario is a realistic possibility and that would be another devastating blow.
"No-one's come forward to suggest that just yet, but time is of the essence and it's a really difficult time of year for everyone, including players."
'No real change' on takeover
Financial adviser Trevor Birch is understood to have spoken to four parties interested in taking over the club, but Lennon said there had been "no real change" in talks over the weekend.
"I know Trevor is working frantically in the background meeting with prospective investors but no-one's coming up with the money yet.
"It's such a short period of time for someone to come in and do the due diligence that I can understand people being a bit worried about putting the money in.
"If Trevor can buy a bit more time to get the process done properly I think that's what he's trying to do at the minute."
On-field troubles continue
Lennon questioned whether he should remain Trotters boss on Saturday, after defeat at promotion-chasing Hull City left his side three points adrift at the foot of the Championship.
The Trotters have won only one of their past 20 league games and would be deducted 12 points were the club to go into administration.
"It is a results-driven business at the end of the day, so one win in 20 is not great reading," he told BBC Radio Manchester.