According to BBC Radio Manchester, Bolton have been issued with a winding-up petition over an unpaid £5m loan.
The petition refers to a loan made by finance company BluMarble to Dean Holdsworth's Sports Shield. The borrowed money was used to complete a takeover with chairman Ken Anderson's Inner Circle Investments.
In March Anderson bought Holdsworth's shares to become the majority owner at Bolton.
The date for the a High Court hearing has been set as 22nd May.
Bolton say they are aware of the proposed action but they have stated it is a matter for Sports Shield and refused to comment further.
Wanderers will an immediate return to the Championship if they beat Peterborough at home on Sunday. A draw would also likely be enough to be promoted as Fleetwood would need to beat relegation threatened Port Vale by eight or more goals to overtake Bolton on goal difference.