Swindon's owner Andrew Black, is unwilling to put in further funds, and is seeking fresh investment.
Around £9m of the debt could be wiped out if the club enter administration, but the Robins would then face a points deduction.
A reduction in the monthly playing budget, which is believed to be in excess of £250,000 - is likely to be a priority.
Boss Paolo Di Canio recently stated he was willing to invest up to £30,000 of his own money to keep loan stars such as John Bostock and Chris Martin.