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 cash ring fenced, his lawyers returned to the Court of Session on Wednesday to try again.
Ahmad's advocate Kenny McBrearty QC told judge Lord Stewart that Mr Ahmad is concerned about the current state of the club's finances and is worried by the potential prospect of Rangers becoming insolvent.
Mr McBrearty said that if Mr Ahmad was awarded the £500,000 in the months to come, he would be concerned that Rangers wouldn't be able to pay him the sum - prompting the need for him to obtain a court order to have the money put aside.
Mr McBrearty told the court that Rangers have sold 23,000 season tickets. Club bosses sold 15,000 more last season.
Also stating that attendances at Ibrox are also down on last season, 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.
Saying that the share issue may only raise £3.6 million and cover only some of Rangers' obligations, Mr McBrearty added: There is a significant hole in the club's finances for the forthcoming season.
"It is not an investment for the long term. It is not an investment in the rebuilding of the club. It is not there to purchase players or improve training facilities. It is there to keep the lights on. It's a sticking plaster. 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 the attempt to secure a court order has called in court. In February 2014, Lord Tyre disagreed with Ahmad's claim that Rangers were trading while insolvent.
In May, he also lost an attempt to have the money set aside. Judge Lord Armstrong said there was "scope for concern" about Rangers finances. But he also ruled that there was no clear evidence that Rangers were set for insolvency.
Lord Armstrong added: "It cannot be said there is a real possibility of the defender being insolvent [in early 2015 when any potential liability would fall due]."
However, Mr McBrearty said Rangers financial position had worsened since the last time his client came to court last May.
The advocate told Lord Stewart that the club had sold fewer season tickets than last season.
Mr McBrearty said that fans concerned at the way Rangers was being run had not bought season tickets and had placed the cash into a trust fund that was being administered by fellow supporters.
The court also heard that current attendances at Ibrox were down on last season and this was affecting revenue.
Speaking about the choice of Rangers fans not to purchase the season tickets, Mr McBrearty said: "The club has considerably under estimated the strength of feeling among fans.
"It is not being made up on a match to match basis through people paying to go through the turnstiles."
A proposed sale of 20 million shares would only go ahead if 15 million of the shares were purchased by fans.
Mr McBrearty argued this should allow the court to order the management of Rangers to set aside £620,000.
He added: "It is only money to put in the meter to keep the lights running for a short period of time."
Lord Stewart continued the case to Friday when lawyers for Rangers will address the court.