The Lilywhites said on Friday they had not payed their PAYE and National Insurance commitments for April, and that shares in the company - which are traded on the AIM stock exchange - will be suspended from Monday as a result of the winding up petition from Her Majesty's Revenue & Customs (HRMC).
Darren Ferguson, the club's manager, said the arrival of Hayes on a Bosman transfer would be the first of several arrivals at Deepdale this summer, but it now looks more likely he will be selling players rather than buying them.
"The board of the club face a challenging economic climate and are disappointed HMRC have taken this action in respect of a debt which is around 20 days overdue," said Kevin Abbott, the club's finance director.
"We will be looking at our options to solve the issue next week."
The Lilywhites borrowed £550,000 from the leisure businessman Trevor Hemmings on Thursday in order to pay their playing staff, taking their total debt to him to £13.82million.
Watford captain Jay DeMerit will use the World Cup finals to showcase his talents after the Hornets said they could not afford to offer him a contract to stay at Vicarage Road.
The centre-back, 30, will be part of the USA squad in South Africa but will also have to think about where he will play his domestic football after the tournament.
"Jay is out of contract and financially we are not in a position to offer him a new contract and he has the World Cup," Malky Mackay, the Watford manager, told the Watford Observer.
"Jay also has an awful lot of other things in his life outside football that he is going to think about and even what country he is going to be in next year. I don't even think Jay knows what is going to happen after the World Cup yet but he goes with my best wishes."
Swindon Town hold a narrow 2-1 advantage over Charlton Athletic in their League One play-off semi-final.
Goals from Charlie Austin and Darren Ward secured victory for the Robins at the County Ground, but Deon Burton's late goal ensured the Addicks enter the second-leg at home with everything to play for.