In a complex High Court case, the South Coast based club are appealing about the amount of money that the HM Revenue & Customs are claiming is owed with HMRC's figures being reported as £13m more than Portsmouth's £24m.
HMRC is also disputing as to why other clubs and players owed money should get 100% of monies owed when other non-football creditors are likely to get a lot smaller cut and is objecting them coming out of administration via a Company Voluntary Agreement (CVA).
However, if HMRC win the case and Portsmouth are liquidated, they will lose the £6m offered under the terms of the CVA or if HMRC win and Portsmouth exit administration without agreeing a CVA, they could be docked 15-20 points by the Football League.
If Portsmouth are liquidated, they will lose their place in the Football League and Saturday's match against Coventry City will not go ahead.
A decision is expected this afternoon and appeals if required will be heard tomorrow.