Plymouth have been given a stay of execution after a winding-up petition against them in the High Court in London was today adjourned until February 9.
The cash-strapped npower 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 today 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."