Imran Ahmad, whose employment was terminated last year, is suing Rangers Football Club Ltd for £500,000.
Following the launch of a fan campaign to withhold season ticket money from the club, Mr Ahmed sought to have £620,000 of the club's cash ring-fenced.
A judge said that on the basis of the information put before him it could not be said that, as matters stand, there is a real possibility the Ibrox club will be practically insolvent early next year.
Lord Armstrong said: "I appreciate that there is some scope for concern as to the financial future of the defenders."
The judge said he was asked to place weight on sworn statements from club officials, including chief executive Graham Wallace.
He said he was informed there had been meetings in recent days with institutional investors who were said to have "a good degree of confidence" in the club's management and are fully aware of difficulties.
He said: "It is in effect confirmation that the defender is financially secure and will remain so for the foreseeable future."
Lord Armstrong said he was told the position of the Union of Fans group and that of former director Dave King amounted to a significant campaign against the club.
Taken together with protests at a home match, they indicated a strength of support for withholding season ticket payments, said to be the primary or principle source of income for the club.
Mr Ahmad's counsel Kenny McBrearty QC argued a risk of insolvency was a reason to grant the move to ring fence £620,000 at the Ibrox club ahead of his client's legal action being heard.
The sum sought to be frozen included the £500,000 Mr Ahmad is seeking in compensation, plus interest and expenses.
Mr McBrearty said the legal test for the court was not actual insolvency or the probability of insolvency, but rather the possibility of it.
Alan Summers QC, for Rangers, maintained the source of revenue has not been "materially impacted" by events of the last few weeks.
Mr Ahmad's case is due to go to a full hearing in November.
He maintains he is due the bonus payment in an action being contested by the Glasgow club.