Bolton Wanderers have avoided an immediate winding-up order after their case was adjourned until 22 February.
The Championship club are £172.9m in debt and under a transfer embargo for breaching Financial Fair Play rules.
The High Court has given the club extra time to either close a deal with a potential buyer or raise sufficient short-term funds from asset sales.
This would enable the club to trade and make payments on the debts owed to Revenue & Customs and other creditors.
The Trotters owe HMRC £2.2m.
Bolton are currently bottom of the Championship and face relegation to the third tier of English football.
Club advisor Trevor Birch said HMRC did not want an adjournment but the High Court had "rejected its wish to liquidate" Bolton.