North Point Global is facing the action lodged by crane hire specialist Bennetts of Gloucester.
The petition is due to be heard at the The Royal Courts of Justice next month.
It is the latest setback to the scheme which is also at the centre of a legal tussle between Liverpool City Council and North Point.
The council has instructed solicitors to start legal proceedings to forfeit two leases on the city centre site.
North Point Global has been trying to sell the scheme since April after work stalled at the groundworks stage after main contractor Bilt Group went into liquidation.
Investors in the scheme – many of whom are from the Far East – are growing increasingly concerned about deposit cash they have put down for flats in the first phase of the scheme.
A North Point Global spokesperson said the developer was planning to hold a press conference this week.
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