The Pars have been placed in administration after Her Majesty's Revenue and Customs tried to shut them down over an outstanding £134,000 tax bill.
A sum of around £8.5million is also owed to majority shareholder Gavin Masterton and other companies. Bryan Jackson of accountants PKF has now been handed control of the First Division outfit's finances and operations and he admits the scale of the task in front of him is huge.
Jackson, who will on Thursday lay out plans for "brutal" redundancies, said: "It's so difficult to predict what will happen when you are dealing with football clubs in these situations. There are so many obstacles and I don't want to get people's aspirations up.
"I have got to be realistic and say that there is a 50-50 chance that this club will come right through the process and survive. But I would say that I wouldn't have taken this club on if I didn't think it was a good chance."
Both Jackson and team boss Jim Jefferies on Wednesday made calls for the club's supporters to turn out in numbers to back the club in its hour of need.
However, they will need significantly more than the 2,879 individuals who braved a bitingly cold evening on Wednesday night to watch their side lose 2-0 to Falkirk, leaving the 11,300 capacity East End Park three-quarters empty.
The home fans that did turn out saw Bairns striker Lyle Taylor head his side in front after 10 minutes, while the visiting faithful taunted their forlorn rivals with chants of 'The Pars are going burst'.
A second goal from Blair Alston two minutes from time was enough to round off a miserable day for the Fifers ahead of one that could be even more savage on Good Friday as Jackson prepares to wield his axe.