The club, who are at the bottom of the Championship and owe HM Revenue and Customs £2.2m, were given until 22 February to find a rescue scheme.
The club said in a statement: "The High Court has given the club until 22 February to either close a deal with one of the potential buyers of the club or raise sufficient short-term funds from asset sales.
"This would enable the club to trade and make payments on the debts owed to HMRC and other creditors."
Trevor Birch, advisor to the owner and board at Bolton Wanderers, added: “HMRC takes a very strict approach towards football clubs.
"Despite the club putting forward a solution, utilising funds generated from its assets that would have enabled repayment of its debt in full over a period of a few months, HMRC refused to agree to an adjournment to give effect to the plan.
“With that in mind, it is pleasing that the High Court rejected its wish to liquidate the club and that it has given the club time either to raise funds and or conclude a sale.”