The Owls obtained an adjournment at an initial hearing last month over unpaid taxes, of which £300,000 has been repaid by the club following the sale of goalkeeper Lee Grant to Burnley.
But Wednesday, who have debts in excess of £20million, are currently unable to meet their outgoings and have since accrued further debts of £300,000 in unpaid PAYE.
Without another loan from the bank to keep the taxman at bay the club could find it increasingly difficult to avoid entering administration.
The Owls have been actively seeking major new investment since the appointment of former chairman Lee Strafford in December 2008, but turned down an offer from American investors Club 9 Sports in May, which amounted to £2million for a 40% stake in the club.
The Football League imposed two transfer embargo on Wednesday since the end of last season due to the club's failure to meet its tax bills.