Dunfermline have been formally issued with a winding-up order and have just eight days to save the club from liquidation.
The First Division club need to settle a £130,000 debt if they are to keep going until the end of the season after the order was made public on Tuesday.
The club also owes money to other creditors - including Raith Rovers and Cowdenbeath - and players and staff have faced repeated wage delays in recent months.
A bid from a fans group, the Pars Community, to buy the club fell through over the weekend.
The fans want the current owner Gavin Masterton, who is owed a large portion of the club's £8.5m debt, to stand aside.