The cretitos decided to accept a Company Voluntary Arrangement which will give them 10p in every pound they are owed by the club.
The Football League wants assurances by 8 August that the club will have funding in place to fulfil their fixtures for the new season.
Bradford chairman Geoffrey Richmond told the BBC:
"It's a considerable relief. It's a good day for Bradford City. Everything has fallen into place right at the end. But we still have an important hurdle to overcome with the date with the Football League in Preston on Tuesday."
