The EFL is launching a review of its regulations and procedures regarding the financial sustainability of its clubs and will "consider lessons learned" from Bury’s demise.
Bury were expelled from the Football League after C&N Sporting Risk pulled out of a takeover of the club.
EFL chair Debbie Jevans hopes the review - which is an extension of an existing governance review - will "help everyone to understand what happened at Bury" and ensure mistakes made are not repeated.
Jevans said: "The withdrawal of Bury FC's membership is one of the most difficult decisions we have ever had to take at the EFL. This review will help everyone to understand what happened at Bury and ensure that, collectively, we learn and apply the right lessons for the future.
"The financial sustainability of EFL clubs is of vital importance to supporters and communities across the country as well as to the growth and development of the League itself.
"The EFL recognises its responsibility to examine whether we can improve our regulations and procedures in this area. In close collaboration with our membership, we want to play our part in helping to ensure a successful and prosperous future for the EFL so our clubs can contribute to their communities for many years to come."
Phase one of the review will examine Bury's financial records and management decisions, while also taking into account the role of the EFL's rules and regulations, including the application of the Owners' and Directors' Test.
The results of the initial phase will be published and will then feed into phase two, which will focus on the effectiveness of the EFL's regulations and procedures in ensuring the financial sustainability of EFL clubs.
Once the review is complete, Jonathan Taylor QC will make his recommendations for modifications to the EFL's regulations and procedures.
Any changes approved by the clubs at the EFL's 2020 AGM would then come into immediate effect.
Jevans also held a meeting on Thursday with representatives from Forever Bury, Bolton Wanderers Supporters Trust, Blackpool Supporters Trust and the Football Supporters Association, who put forward specific concerns relating to matters of ownership and governance of EFL clubs.
Forever Bury are now set to write to the EFL board outlining their request for readmission to the league in season 2020/21.
Full EFL statement:
The EFL has today announced a comprehensive review of the regulations and procedures concerning the financial sustainability of EFL clubs. The review, an extension of the EFL's existing governance review, will consider the lessons to be learned from the recent financial difficulties of Bury Football Club, which led to the withdrawal of its membership of the EFL, and will seek to identify changes that help to ensure that similar problems do not occur in the future.
The review, carried out in full consultation with clubs, will be conducted independently and led by Jonathan Taylor QC, an expert on commercial and regulatory issues in sport, who is leading the existing review of the EFL's governance systems and procedures. Mr Taylor is co-head of the Sports Group at law firm Bird & Bird and has extensive experience in advising national and international sporting bodies. The review will result in a set of recommendations being made to the EFL Board and member clubs.
The financial sustainability review will take place in two phases. Phase one will examine the background to Bury FC's insolvency including the ownership of the club, management decisions and funding arrangements. It will also consider the role of the EFL's regulations, including the application of the Owners' and Directors' Test, procedures in respect of financial viability and the approach to insolvent clubs and the EFL's efforts to help secure a long-term future for Bury FC.
The review team will consider all evidence carefully and at the conclusion of phase one, an interim report will set out the history and causes of Bury FC's financial difficulties and identify the key lessons to be learned for the future.
That will feed into the next phase where the review will focus on the effectiveness of the EFL's regulations and procedures in ensuring the financial sustainability of EFL clubs. Jonathan Taylor QC will make recommendations on modifications to the EFL's articles of association, regulations and procedures for consideration by the EFL board and clubs. Any changes approved by the clubs at the EFL's 2020 AGM would then come into immediate effect.