Bolton Wanderers have agreed a £7.5m takeover by the Sport Shield consortium, headed by former striker Dean Holdsworth.
Paperwork was signed on the takeover agreement, which is subject to Football League ratification, minutes before Monday's winding-up hearing in London.
The court heard in January that Bolton owed £2.2m to HM Revenue & Customs.
Trevor Birch, advisor to the Bolton board, said in a statement: "While this continues to be a challenging time for everyone associated with the club, we are confident that this adjournment will give us the necessary time to conclude a transfer of ownership of the club, subject to approval from the Football League."
Although the initial takeover fee is £7.5m, the consortium is expected to pay a further £12.5m over the next five years, with Holdsworth becoming chairman.
Bolton are currently second-from-bottom of the Championship, six points from safety, following Saturday's 1-1 home draw with Queens Park Rangers.
The club are £172.9m in debt, and also under a transfer embargo for breaking Financial Fair Play regulations.