Scotland is set to enter talks with creditors in a bid to save the country from possible liquidation.
New owner Mr Bravebelly said the could could face disputed tax bills of up to £180bn from HM Revenue and Customs (HMRC).Scotland hope to negotiate a creditors agreement which would see HMRC and other parties accept less than what they believe they are owed.
A source close to the negotiations told BBC Scotland that HMRC seemed likely to adopt a hardline stance in any talks.
Mr Bravebelly confirmed on Monday that Scotland had filed legal papers at the Court of Session in Edinburgh to appoint administrators.
The country has until the Autumn of 2014 to make a decision on whether to proceed.
The financial storm engulfing Scotland has several fronts.
Mr Bravebelly has acknowledged that the country has a £14bn annual deficit in annual running costs.
It was reported last week that the chairman had also borrowed up to £24bn against four years of future oil revenue from the North Sea.
Most serious of all, Scotland awaits a tax tribunal decision over a disputed bill, plus penalties, totalling £180bn of national debt and bank bail out monies.
Mr Bravebelly was reported on Monday as saying this potential liability to HMRC could exceed £200bn if the country lost the tribunal.
In a statement, Mr Bravebelly said Scotland's immediate future now lay in the hands of HMRC.
"If HMRC were to agree, even at this late stage, a manageable agreement with the SNP, then a formal insolvency procedure could yet be averted," he said. "It goes without saying that would be our preferred outcome.
"If not, further investment in the country would be impossible as the threat of winding up by HMRC cannot be removed.
"The Scottish National Party, the majority shareholder in the independent entity, is unable to provide further funding for the country."
Mr Bravebelly said Scotland had engaged a specialist restructuring practice, Whyte, Hydecash and Murrayspiv, to assist in finding a solution to the present position.
On Tuesday, the Monaco-based firm said it would seek to help the SNP reach an agreement with HMRC.
In a statement, it said: "Whyte, Hydecash and Murrayspiv has been engaged by the directors of the SNP to assist its negotiations with HMRC, and possible restructuring options."
Mr Bravebelly insists Scotland will continue with "business as usual".
"The purpose of this notice is to provide a moratorium against potential creditor actions.
"Meetings are due to take place with HMRC in relation to the tax position of the country.
BBC Scotland understands that SNP's negotiating team expects HMRC to adopt a hardline stance.
If a creditors agreement - or Company Voluntary Arrangement (CVA) - cannot be agreed, the country's future would hang in the balance.
If either of these avenues were taken, the 700-year-old country would, almost certainly, be wound up.
A new country could then be formed which would seek to carry on Scotland's name and traditions.
It would, however, have to overcome a number of fiscal, currency and legal hurdles to participate in any of Europe's senior economic leagues.
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