A club statement said: "Following the publication of the winding-up petition our bank has taken the normal step of suspending our banking facilities.
"The suspension will remain in place until the petition is dismissed or we obtain a validation order."
The statement added: "We are taking urgent steps to make progress on both fronts."
A validation order is granted by the court and validates payments made during the hiatus period of a winding-up petition, prior to a winding-up order being granted.
The club recorded a £2.8m loss for the 2008/09 financial year and were previously issued with a winding-up order for unpaid tax by HM Revenue & Customs last season.
Former Leeds and Cardiff chairman Peter Ridsdale was in Plymouth on Thursday holding talks with the Argyle board.
On the pitch, Argyle sit 15th in League One, just three points above the relegation zone, and just 4,960 fans watched them beat Dagenham & Redbridge 2-1 last Tuesday, their lowest gate of the season.
Source: BBC Sport
Source: BBC Sport