The Pars have just six days to come up with £134,000 or face being wound up after Her Majesty's Revenue and Customs took the 128-year-old club to court over an unpaid tax bill. Dunfermline also understood to owe around £8million to directors past and present and have repeatedly failed to pay their players on time this season, while it was confirmed earlier this month that Jefferies' squad and other staff received just 20 per cent of their wages.
Former Hearts boss Jefferies told Press Association Sport: "Gavin Masterton has put a lot of money into Dunfermline. And there is no doubt he has done some good things. But he was dependant on a lot of things happening at the club. We as players and coaches just want to prepare properly and look after the football side. But you expect to get your salaries on time."
He added: "The club can certainly be a wee bit late - that would have been okay with our players - but when it's gone on this long, there is a sense that we've been let down.
"A lot of the guys are dependant on that money and we didn't know how things were coming about.
"Gavin was trying to buy a bit of time but time ran out. The things he hoped would come off didn't and the up shot of that was that the players have been left with very little money coming in."
Earlier this month, majority shareholder Masterton announced he would walk away from the club and hand over his stake to supporters but talks with The Pars Community broke down amid acrimonious squabbles.
That has left another group - the Dunfermline Athletic Steering Group, led by ex-manager Jim Leishman - to try to raise the necessary cash needed to save the club. But Jefferies believes the Steering Group is now being asked to tidy up the mistakes of the past.
He said: "This is probably the worst situation I've been in at a club. Dunfermline were at a stage a few years ago where they were able to spend decent money on trying to get success. They were in the top six of the SPL and in cup finals.
"But sometimes you just get carried away and start chasing it further and bring more players in. But like a lot of clubs have found, that will come home to roost."