Plymouth have been given a stay of execution after a winding-up petition against them in the High Court in London was adjourned until February 9.
The cash-strapped English Championship side were served the petition by Her Majesty's Revenue and Customs after failing to pay £700,000 of tax, which has seen their staff's November wages go unpaid.
Argyle's total debt with HMRC is understood to be £780,000 but efforts are being made to find new investment to avoid administration and a points penalty.
The club said in a statement: "The board and its advisors are continuing to work through a number of potential answers in order to put the club on a sound financial footing.
"We are advised not to make any further comment at this time. When we have anything more to say we will advise you."