The club appeared in court this morning and have been given until 8th May to sort out their ongoing financial problems.
HMRC are chasing an unpaid tax bill thought to be in the region of £1.2 million.
Wanderers were first in court to face this petition two weeks ago but the judge adjourned proceedings to give the club more time to secure a takeover deal.
During proceedings in London this morning the High Court heard how terms have been agreed with an unnamed buyer.
Representatives for the club asked for an adjournment of seven days but the judge has given them just over a month.
All this comes amid another row over wages which still have not been paid for March. Players have gone on strike in solidarity with staff at the club and yesterday things went from bad to worse when Bolton were issued with a prohibition order.
This means that fans will be prevented from entering the ground for the next two home games.
The order was issued due to concerns that the safety of the crowds could not be guaranteed if grounds staff refuse to work until they are paid.