Hearts have been given more time to pay their outstanding tax bill by Her Majesty's Revenue and Customs, lifting the immediate threat placed on them.
The Edinburgh club said in a statement on Tuesday night that they had been granted until December 3 to settle their debts, with their owed amount of £449,692,04 being split over two payments.
The club have also provided HMRC with assurances that future payments would be made in a "timeous manner".
Hearts were last Wednesday served with a winding-up petition and given eight days in which to pay what they owed, putting their future in severe danger.
Hearts revealed the decision was also made possible after a number of senior first-team squad members offered to defer their November salaries, due on Friday, to a later date.
Director Sergejus Fedotovas said: "We are pleased that we have been granted this extension as it acknowledges the strenuous efforts that are going on to ensure this club continues to contribute to employment, society, community and football in Scotland.
"We have a lot of hard work ahead of us in order to fully rectify our financial position but with further backing and ongoing fundraising by supporters we know that we have a very positive opportunity to create a strong club for the future."