Plymouth are set to go into Administration after the taxman launched a High Court move to appoint their own Administrator.
The club's board were set to meet today to discuss the matter, with a boardroom split over the future direction threatening to derail any rescue attempts, but HMRC have now gone to court in a bid to appoint an Administrator with the club's protection from action now expired.
The club had named P&A Partnership as their preferred Administrator, with Brendan Guilfoyle heading the firm. He has previously handled insolvencies at Leeds, Luton, and Crystal Palace.
The Pilgrims have a reported £13million of debt and are a 1/12 offering at the bookies to be relegated to League Two. Consultant Peter Ridsdale says the club needs £5million to avoid Administration and complete the season, but the club's Japanese owners have sent over just £350,000 to be 'drip-fed' into the ailing club.
UPDATE: Plymouth have entered Administration. The Administrator, P&A Partnership, told the BBC they have only a short time to secure a buyer for the club: "A number of interested parties have declared an interest in acquiring the club. It is imperative that a preferred bidder is identified who can provide ongoing funding by 17 March 2011 at the latest."