The club, who are up for sale, appeared in the High Court on Wednesday over an unpaid £1.2m tax bill.
However, it is understood owner Ken Anderson has agreed terms with a buyer who will pay off their debts and the hearing was adjourned until 3 April.
On Tuesday, Bolton confirmed takeover talks with an interested party, believed to be the Football Ventures consortium, had ended.
Bolton Wanderers have been given a stay of execution after the cash-strapped Championship club had been dragged before the High Court on Wednesday morning to answer a winding up petition which could have put them into administration and even resulted in liquidation.
The Championship club now have 14 days to complete a takeover and clear their debts to avoid a winding-up order, which would leave them facing administration or liquidation and a points deduction.
A winding-up petition is a legal notice put forward to court by a creditor. The creditor can issue the petition if they are owed over £750 and it has not been paid for more than 21 days.
Wednesdays brief High Court hearing in London was the sixth time in 16 months that Wanderers have defended a winding-up petition because of unpaid tax.
In 2016, the club successfully avoided being wound up and paid off a £2.2m tax bill when Dean Holdsworths Sports Shield consortium and Andersons Inner Circle completed a last-minute takeover.
But Anderson, who now owns almost 95% of Boltons shares, is struggling to finance the club and has said he is doing his “utmost” to sell.
Players and staff received Februarys wages late and their league game against Millwall on 9 March was only cleared to go ahead three days before because of concerns over sufficient stewarding.
Bolton are also facing relegation to League One. They are 23rd in the Championship and eight points from safety with eight fixtures remaining this season.
THE future of Bolton Wanderers Football Club will potentially be decided in the High Court today as a £1million-plus winding-up petition from HMRC is heard for the first time.
Forest Green confirm legal action against Bolton Wanderers
The collapse of a takeover by the Football Ventures consortium on Friday has placed the club into a perilous position, particularly if Revenue and Customs aggressively seek liquidation, rather than administration.
Liquidation would see the company effectively closed and contracts cancelled, whereas administration would incur a 12-point penalty from the EFL – effectively ensuring relegation to League One – but is a more costly process and would need to be funded.