PORTSMOUTH have been given seven days to provide documents proving they can pay their creditors.
The club now have until 4pm on 17 February to file a "statement of financial affairs" or face going out of business.
Her Majesty's Revenue and Customs (HMRC) took Portsmouth to court over an unpaid tax bill of £7.4m.
They also owe £4.7m in unpaid PAYE and National Insurance which were not part of the petition.
Court registrar Christine Derrett said she was concerned that the club would continue to build up debts it has no way of paying back.
She said: "I am very concerned about the financial status of this company. It seems to me there's a very real risk that this company is undoubtedly trading while it is insolvent.
"I'm obviously conscious that, by making a winding-up order, it would have very severe consequences not only for the company as a business but for the supporters themselves, but that's not a consideration that I strictly take into account."
City A.M. Reporter