The Oyston company 'paid £11m following Blackpool FC's promotion to the Premier League' could be set to close down, it was revealed.
There is an active proposal to strike off Zabaxe Ltd, which lists Owen Oyston and his wife Vicki as directors and is registered at Bloomfield Road, according to papers lodged with Companies House.
Similar action is facing two other companies of his; Claughton Hall (Bisons) Ltd, and the dormant Oyston Management Services Ltd.
A company can apply to be struck-off and dissolved if 'it's no longer needed', government guidance said.
Reasons can include retiring directors who have no-one to take over, or if the firm involved is no longer feasible, the guidance added.
A company can also be struck off if there are grounds to believe it is not in operation, for example if it has failed to submit documents on time. All three affected companies should have submitted confirmation statements by January 14.
Zabaxe was named in Oyston v Belokon court documents last year, which claimed £11m was given to the service company even though there was no outstanding loan to be re-paid.
"In truth, the £11m payment was a classic instance of a disguised distribution of capital, in the form of plainly excessive director's remuneration, in circumstances where profit would otherwise have had to be shared with a minority shareholder," the papers said.
Zabaxe was given £11m for the year ending December 31, 2012, according to financial papers filed with Companies House.
Owen's son Karl, Blackpool's former chairman, left his post as director of Zabaxe and Claughton Hall (Bisons) Ltd, which is involved in 'hunting, trapping and related service activities', on January 23 this year, amid rumours of a spat with his father.
He left Oyston Management Services Ltd in December 2006.
The Oystons were ordered to buy out Blackpool's former president Valeri Belokon for £31.27m in November after the court decided they 'illegitimately stripped' the club of cash following their 2010 promotion to the top flight of English football.
Days later, the club was put up for sale and, although £10m was paid to Belokon, bailiffs were brought in after a scheduled second payment was missed.
That led to a new court case, which continues today.
And Premier League bosses were yesterday accused of failing to take any action over Owen's ownership of Blackpool, despite ruling he was unfit to run the club.