Mallorca have been struggling with a debt of around 85 million euros and attempts to find a buyer to invest money into the club have so far been unsuccessful.
"Over the last two years, Mallorca has suffered a complex economic situation, serious financial problems and an inability to meet its commitments," managing director and majority shareholder Mateu Alemany was quoted as saying on the club website.
"A meeting (of creditors) is a legal instrument that allows Mallorca to move forward... it opens up positive opportunities for the organisation. It is a solution not a problem.
"(It) guarantees the viability of this club that has been in serious risk of disappearing."
Mallorca have been up for sale since former president Vicenc Grande's real estate company filed for insolvency in 2008.
Against an unstable background including delayed payments to players, Mallorca were one of La Liga's surprise packages over the last season.
They only missed out on a place in the Champions League qualifying round on the final day of the campaign last Saturday, ending fifth in the standings to earn a shot at next season's Europa League.
"There will be a philosophy of austerity," Alemany added. "The insolvency will affect the first team squad... and those who earn the most."
When asked about the future of coach Gregorio Manzano, whose contract runs out in June, Alemany said that Manzano's representative had told him he was looking to move on.
According to a study by University of Barcelona professor Jose Maria Gay published on Tuesday, Mallorca had an operating income of 28.1 million euros for the 2008-9 season, with labour costs of 34.6 million, and posted a pre-tax loss of 5.2 million.
Mallorca's situation was not unique and the finances of Spain's top soccer clubs were continuing to spiral out of control, Gay's study shows.
The 20 La Liga clubs had combined debt of 3.526 billion euros in 2008/09, up from 3.49 billion the previous season.
Only La Liga giants Real Madrid and Barcelona, the world's two richest clubs, and lowly Numancia, who were relegated, made an operating profit in 2009.
