The pensions lifeboat is pushing for legal action to claw back funds from former BHS directors.
The once high street staple fell into administration back in April, and was running a deficit worth £571m for its 20,000 member-strong pension schemes at the time.
The department store chain's collapse, which ultimately resulted in the closure of over 100 stores and the loss of thousands of jobs, occurred little more than a year after its sale for £1 to Dominic Chappell's Retail Acquisitions, after having been under the ownership of Sir Philip Green for almost 15 years.
Now, the Sunday Times has reported that, not only is the Pension Protection Fund (PPF) pushing for BHS to be put into liquidation by the end of the month, it is also asking the administrators to consider legal action against former directors and shadows directors to claim back cash for creditors.
A spokesperson for the PPF declined to comment.
Earlier this month, it was reported that FRP Advisory, one of the retailer's administrators, was taking a closer look into whether a £35m charge, currently owed to Green's Arcadia Group, could be claimed away from the business tycoon and distributed among creditors of the company, including the pension schemes.
The Pensions Regulator has also warned of legal action against Green to seek redress for the pension scheme members. Green has previously been reported to be looking into ways to top up the pension funds.
Meanwhile, just last week, it emerged that Chappell had been arrested as part of an investigation into unpaid taxes from the profits of the retailer, with it being alleged the tax bill fell short by more than £500,000.