Lawyers acting for Mr Ahmad claim he is owed a £500,000 bonus for the time he spent working at the Championship side.
And despite failing on two previous occasions to have the money ring fenced, his lawyers returned to the Court of Session on Wednesday to try again.
Mr Ahmad's advocate Kenny McBrearty QC told judge Lord Stewart that his client was concerned about the current state of the club's finances and worried that Rangers would become insolvent.
Mr McBrearty said if Mr Ahmad was awarded the £500,000 in the months to come, he would be concerned that Rangers would not be able to pay him the sum - prompting the need for the court order to have the money put aside.
Mr McBrearty told the court that Rangers have sold 23,000 season tickets, but last season club bosses sold 15,000 more. Pointing out that attendances at Ibrox are also down, Mr McBrearty said the Rangers board's recent plans to sell shares in the side may only provide a temporary solution to the club's allegedly poor financial position.
He said the share issue may only raise £3.6 million, covering only some of Rangers' obligations, and added: "There is a significant hole in the club's finances. [The share issue] is not an investment for the long term. It is not an investment in the rebuilding of the club. It is there to keep the lights on. It's no more than a sticking plaster."
Mr McBrearty was speaking at a hearing at Edinburgh's Court of Session.
It is not the first time an attempt to secure a court order has been made by Mr Ahmad. In February, Lord Tyre disagreed with his claim that Rangers were trading while insolvent. In May, Mr Ahmad also lost an attempt to have the money set aside.
Lord Stewart continued yesterday's case to Friday when lawyers for Rangers will address the court.