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Portsmouth has had its winding-up petition adjourned for seven days in the High Court.

The Premier League’s bottom club now has until February 17 at 4pm to file a “statement of financial affairs” proving it can pay its creditors. The earliest the case could return to the High Court is February 19, assuming the club files the statement.

Her Majesty's Revenue and Customs (HMRC) had taken Portsmouth to court over an unpaid tax bill of £7.4m.

Court registrar Christine Derrett said she feared the club would continue to build up more debts that would not be paid.

"I am very concerned about the financial status of this company," she said. "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."

Gregory Mitchell QC, who represented HMRC, added: "It's quite clear, beyond any doubt at all, that this company is insolvent.

"They have failed to provide any evidence at all as to their solvency. There are many debts and they are unpaid."

However, Portsmouth was granted extra time to settle its tax debt after arguing it had received “two serious offers” to buy the club.

Meanwhile, Cardiff City and Southend United were given an extra 28 days to settle their tax debts after also appearing in the High Court to fight winding-up orders.