The debt is relating to the transfer of right-back Paul Quinn last summer. Motherwell have been pursuing the money through legal measures, and were angered by Cardiff City's signing of players this summer - including the capture of Wales international Craig Bellamy on Tuesday.
They have also added Jason Koumas, Tom Heaton, Danny Drinkwater, Seyi Olofinjana and Martin John to their squad.
Cardiff missed a £100,000 payment in January and £75,000 this summer. They have been angered by Cardiff's failure to attend a legal hearing at Hamilton Sheriff Court on Friday. With interest and legal costs, Motherwell now want more than £200,000.
"It is critical that clubs work constructively with each other to ensure we can manage a very difficult financial climate for the game, we have given Cardiff every chance to do the right thing," said Leeann Dempster, the Motherwell chief executive.
"The board believe that Cardiff's position is untenable given their activity in the transfer market. Given these circumstances and with legal and moral weight behind us, Motherwell have no option but to immediately pursue all legal routes to ensure this significant sum paid to us as quickly as possible.
"These may include issuing a winding up order, arresting assets or physically sending bailiffs to their ground on match day to take possession of cash. Every option will be fully considered and implemented as soon as possible.
"We want Cardiff fans to know that we appreciate the concerns this will give them. We can only urge them to look to how they would feel in our position and urge them to put pressure on their own board to ensure the excellent long-term reputation of their club is not diminished by the leadership of one board."
Speaking at a press conference to unveil the signing of Bellamy, the Bluebirds chief executive Gethin Jenkins said the matter would be resolved "within the next week".
Gary Speed has been confirmed as the manager of Sheffield United. He has replaced Kevin Blackwell, who was sacked on Saturday after a 3-0 home loss to Queens Park Rangers.
"These opportunities don't come around very often and I am ready for the step up," he said.
"It is in disappointing circumstances, we were all disappointed with Saturday but I'd like to thank Kevin Blackwell for everything he did for me."