Championship team Cardiff faced immediate threats from Motherwell to send in bailiffs to collect an alleged debt over last year's 175,000 pounds transfer of defender Paul Quinn.
Motherwell, who said Cardiff should not be in the transfer market until the debt was paid, also threatened to issue a winding-up order.
Chairman John Boyle told Sky Sports News: "We (Motherwell) have been put off, fobbed off and messed around since January.
"We have been respectful and persistent but we had no other option but to take Cardiff to court on Friday and they didn't even bother to turn up.
"We have no alternative but to take legal action and we will pursue it vigorously. We will consider issuing a winding-up order or literally sending bailiffs to their ground on a home match and collecting our cash," added Boyle.
Cardiff chief executive Gethin Jenkins said the Motherwell issue would be settled quickly.
"Our lawyers have been in communication with them and it will be resolved within the next seven days," said Jenkins.
Bellamy left Manchester City under a cloud after being omitted from their 25-man Premier League squad by coach Roberto Mancini who said last week he would not play for the club again and was free to seek a new team.
NO ILL FEELING
The much-travelled player was diplomatic about the Italian on Tuesday and refused to criticise Mancini.
"There's no ill feeling. I hope he does well, he's a top manager," former Liverpool, West Ham United, Newcastle United and Norwich City striker Bellamy told a news conference.
"I've come home, I don't mind dipping (down for) a year and hopefully leading this club into the Premiership."
Bellamy, who has scored 73 Premier League goals, also said promotion to the top flight "would be fantastic for the football club, the city of Cardiff and Wales."
Mancini softened his previous comments, saying on Tuesday that a return to Manchester by Bellamy could not be ruled out.
Cardiff manager Dave Jones said: "Bringing Craig (here) is another big step in the development of this football club".
The Welsh side narrowly missed out on promotion last season when they lost 3-2 to Blackpool in the play-off final.
Cardiff last played in the top flight in 1962. Swansea were the last Welsh team to reach those heights until they went down in 1983.
