TRURO City have been served with a winding up order by the commissioners for HM Revenue and Customs.
A wind up petition was issued yesterday and will be heard at the Royal Courts of Justice in London on October 31.
The news comes as a major blow for City, who have enjoyed huge success on the field after five promotions in six seasons.
They are currently 11th in Blue Square Bet South after Tuesday night's win at Maidenhead United.
Truro City chairman Kevin eaney was the front-runner to buy Plymouth Argyle out of adminsitration.
The notice, which appeared on the London Gazette website yesterday, read:
Petitions to Wind Up (Companies)
In the High Court of Justice (Chancery Division)
Companies Court No 7519 of 2011