A petition to wind up the company behind the Grand Prix Masters series will be presented at London's High Court in November.
The action is being taken by GPM's chassis supplier Delta Special Projects. It will be heard at the Royal Courts of Justice on 28 November this year.
No GPM races have taken place since the series' third event at Silverstone in August 2006, and plans for a full season this year did not come to fruition.
Former world champions Nigel Mansell and Emerson Fittipaldi had been among the participants in the three races that took place in 2005/6.
Mansell won the inaugural event at Kyalami, and the first 2006 race in Qatar, with Eddie Cheever taking victory at Silverstone.