Serie A have released a statement defending their actions as Parma's financial crisis continues to worsen.

Reports on Saturday suggested that the club were heading for liquidation and could be immediately relegated from the top tier of Italian football, but the league insist that they have made the right decisions in regard to financial relegations, and are dedicated to backing Parma in their bankruptcy hearing next month.

"The Italian system is one of the most efficient in Europe," a Serie A statement read.

"In practice, in our system, no transfer may be authorized by the League itself if the underlying financial commitments have not been entirely fulfilled or guaranteed by the sale of television credits, [bank guarantees] or insurance issued by institutions rated at the highest levels of the market."

Parma were reported to be free of debt last summer, but the club has changed ownership twice in recent months and the players have not been paid since the early stages of the season.

The club have been forced to call off Sunday's game with Udinese as they cannot afford steward costs, and it remains unclear whether they will be able to return to action this season.