Stewart has been unable to strike a deal with the club's creditors which means the Millers will not be exiting administration via a Company Voluntary Arrangement.
Under the League's insolvency policy, this is an offence that results in a points de
duction – and there are fears it could be more than the 15-point penalty imposed on Leeds United last season.
Luton Town, already docked 10 points by the Football Association for making irregular payments to agents, were stripped of a further 20 points this summer by the League for not only exiting administration without a CVA but also for entering administration three times in the space of 10 years.
The Millers have gone into administration twice in the last two years although Stewart views this as 'struggling to survive' rather than seeking to gain an advantage.
"Supporters of this club have been rattling collecting tins outside Tesco's for the last four years," he said. "And while some clubs have been buying Ferraris when they could only afford Mondeos, this club has slowly been going bust.
"I hope the League does not tar everyone with the same brush when they are deciding what to do.
"However, they sometimes give the impression that they are more interested in the funeral than the birth (of a club)."
Stewart, who is expecting a decision from the League early next week, has also been told to provide a £750,000 bond to guarantee that the club will return to a stadium in Rotherham before the start of the 2012-13 season.
A dispute over rent with the club's landlord Ken Booth led to the Millers quitting their Millmoor home this summer and taking up temporary residence at Sheffield's Don Valley Stadium.
It is understood Booth and the Inland Revenue are the club's biggest creditors and, without their support, a CVA was always likely to fail.
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