O'Grady had previously called on Reckless Entertainment to pay the cast after it postponed three tour dates with the alleged view of improving the script.
According to The Stage, his management company BM Creative has now launched a winding-up procedure in an attempt to seal a court order proving that Reckless is unable to pay its debts.
The 57-year-old entertainer, who was originally hired as the show's narrator, was reportedly later sacked by bosses for ignoring the script.
Stars Kym Marsh, Bill Roache and Julie Goodyear have apparently missed out on tens of thousands of pounds due to the chaos.
Following reports that actors had staged a mutiny, Reckless Entertainment stated in late June that pay talks had become "quite constructive".
O'Grady's petition is due to be heard in the Companies Court on October 22.
Watch Paul O'Grady in the Street of Dreams trailer below: