Northern Premier League club Ilkeston have been wound-up in the High Court over a £14,438 debt.
The club were only formed in 2010 as a successor to the liquidated Ilkeston Town, but had a troubled 2016-17 season as they fought financial difficulties.
The Robins were temporarily suspended by the league before the season started for not paying creditors and players have not been paid since December.
BBC Radio Derby reports chairman Nigel Harrop plans to appeal.
Shortly before Monday's hearing in Liverpool, Harrop had announced he had struck a takeover agreement with All Eight Sports Management.
However, his plea for more time to settle a debt owed to Hire Intelligence, an office equipment hire firm, was rejected by District Judge Smedley.
It is the second time in seven years the Derbyshire town's football club has been wound-up.
Ilkeston Town, then a Conference North club, folded in 2010 owing £50,000 to HM Revenue and Customs (HMRC).
The new club, Ilkeston FC, were admitted into the Northern Premier League Division One South for the 2011-12 season, playing at the same 3,029-capacity New Manor Ground as their predecessors.
They immediately won promotion to the Premier Division, with a play-off final win over Leek Town, and received a financial boost in 2014 when Che Adams - now at Birmingham City - was sold to Sheffield United.
However, debts mounted and the club was relegated in April after a season marred by protests against Harrop's ownership.