Leeds will have to go to the High Court to hear a winding-up petition.
The boss of the Championship club's shirt sponsor Enterprise Insurance filed the petition over an alleged unpaid debt valued at just over €2 million.
Andrew Flowers was part of the Sport Capital consortium whose attempt to take over the club collapsed last week.
Owners GFH said the club had always met its financial obligations.
In a statement, the club hit out at Flowers' court petition:
"The winding up petition issued by Enterprise Insurance, a sponsor whose managing director, Andrew Flowers, claims to support the club, is misconceived and an abuse of legal process. It is being vigorously contested by the club's lawyers and there are no valid grounds to issue the petition.
Under the ownership of GFH Capital Leeds United has always met its financial obligations, and it will continue to do so."