"We have made an application for an administration order today," Portsmouth chief executive David Lampitt told BBC Radio Solent.
Lampitt added that the application is to be heard by the court on Friday, the day the club were likely to be placed into administration.
"The club's bank accounts have been frozen due to the winding-up hearing and they are finding it very difficult to trade," added Peter Kubik, from Pompey's financial advisors UHY Hacker Young.
"Once the administration order is in place the bank accounts will be made accessible again. We are aware that administration carries an automatic 10-point deduction by the Football League."