Bury have been given 14 days to avoid being expelled from the EFL after having their Carabao Cup tie with Sheffield Wednesday suspended, reports BBC Sport.
The EFL previously called off Bury's games against MK Dons and Accrington.
The League One club had been given a deadline of Wednesday to show the EFL a plan to pay off outstanding creditors.
But after not providing "the clarity required" they have now had a third game suspended and given two weeks to meet the EFL's insolvency policy.
"Despite continued efforts, regular communication and dialogue with [Bury chairman] Mr Steve Dale and his team, the required evidence has not been forthcoming," EFL executive chair Debbie Jevans said.
"Albeit regretfully, the board has been left with no choice but to take the action it has."
The EFL said they would continue to work "constructively with the club and Mr Dale" to obtain the details required to avoid calling off further fixtures.
In a short statement to BBC Manchester Dale said: "Our club will survive regardless of the adversity and my, will we have a tale to tell."