The English Football League (EFL) has commissioned a comprehensive review into the regulations and procedures concerning the financial sustainability of its member clubs following Bury's demise.

League One side Bury's 125-year association with the EFL ended last week after financial difficulties, while fellow third-tier side Bolton Wanderers were saved from liquidation when taken over by Football Ventures (Whites) Limited eight days ago.

The EFL announced on its official website on Thursday that an independent review is to be conducted by Jonathan Taylor QC, an expert on commercial and regulatory issues in sport, to reduce the risk of a repeat.

The first phase of the review will examine the background to Bury's insolvency and the second phase will focus on the owners' and directors' test amid criticism it is not fit for purpose.

The EFL has today announced a comprehensive review of the regulations and procedures concerning the financial sustainability of EFL Clubs.https://t.co/KD4PTufIrr #EFL pic.twitter.com/VDWLtKNRzl
— EFL (@EFL) September 5, 2019

EFL executive chair Debbie Jevans said in a statement: "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."