On Wednesday morning the club faces being wound-up over debts of around £3million owed to creditors including HMRC and sportswear firm Macron.
It is expected that trustees of late owner, Eddie Davies, will put Wanderers into administration before the hearing – which would safeguard the business but could leave dozens of local businesses out of pocket.
Among those who could lose out are Bolton Council, who are owed more than £1million in business rates.
Ken Anderson is the other Qualifying Floating Charge Holder who could theoretically trigger administration but by doing so he could leave himself open to legal challenges from Laurence Bassini, the man who insists he can still complete a solvent deal to buy the club.
Administration would mean Bolton start next season in League One on minus 12 points – plus whatever punishment is dished out by an independent panel for forcing the postponement of the home game against Brentford last month.
Bassini continues to claim he can fund a deal to the EFL’s liking and could even submit an application for a third extension at the court on Wednesday.
Former co-owner Dean Holdsworth has urged the league to investigate Anderson’s funding pledge made in March 2016 when the pair bought Wanderers from Eddie Davies.
“Did he made a commitment to the EFL? Yes, he did and that hasn't materialised,” he said.
"When the time come for reflection on what has happened, he needs to be seriously looked at for what he promised and what he's done to the club.
"He has affected so many lives in a negative way and it's not good.
"I seriously hope that before Wednesday, when there's a court hearing, that something can be done with some of the stakeholders in the club."
Meanwhile, Sammy Ameobi could be the next player out of the door at Wanderers following their relegation with a move on the table to join a club in the Chinese Super League.