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 League One 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.
The winding-up order raised the prospect of the Pilgrims being forced into administration and hit with a 10-point deduction, but their request to be given additional time to pay the bill was granted.
Argyle' 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.''