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20 March 2019, 12:47 | Updated: 20 March 2019, 12:52
They were issued with a winding-up petition in February over an unpaid tax bill for £1.2million, they faced administration or liquidation, but now have two weeks to find a buyer.
The club say they have a potential buyer lined up who "already owns a major stake in a high-level football club".
They also asked for a 14-day adjournment to give the club time to complete a sale and settle its debts.
It is the sixth time in 16 months that Bolton have defended a winding-up petition due to unpaid tax and VAT.
They won a similar stay of execution in the High Court three years ago to allow previous owner Sports Shield BWFC to complete a last-minute takeover.
Current owner Ken Anderson bought a stake in the club during that buy-out and took majority control in 2017 after Sports Shield went into liquidation.
Bolton confirmed on Tuesday night that a potential buyer had pulled out of talks, but that there were still several other interested parties.
Anderson, who owns 94.5 per cent of the club's shares, has increasingly struggled to finance the running costs.
The players were paid their February salaries late and the training ground was closed for a day earlier this month, while there was doubt over a recent game against Millwall going ahead due to concerns over policing costs.