Bury face the threat of expulsion from the English Football League if they do not meet the insolvency policy.
The cash-strapped Shakers – who were last week deducted 12 points ahead of the new Sky Bet League One season after entering a Company Voluntary Agreement – remain in crisis less than a fortnight before the start of the 2019-20 campaign.
The EFL's Articles of Association provide for clubs, following an insolvency event, to be served with a notice of withdrawal of membership.
Once issued, clubs have 14 days to meet all outstanding requirements of the League's insolvency policy or membership of the EFL may be terminated.
PA understands the EFL's notice of withdrawal has not yet been issued, but the EFL is continuing to monitor the situation closely.
EFL executive chair Debbie Jevans said: "This is an incredibly difficult and complex situation for all those involved, in particular the staff, players and supporters of the club.
"We fully recognise the value and importance of the club to the local community and its fans, and will continue to work proactively and diligently with the ownership, as we have done over an extended period of time to try and ensure Bury FC has a long term future as a member of the EFL."
Bury were facing further problems on Thursday as the local Safety Advisory Group met to consider whether the club meets all the requirements necessary to safely stage EFL fixtures at Gigg Lane for the 2019-20 season.
The EFL said the league has the ability to suspend Bury's fixtures under Regulation 28.2 should the SAG confirm the club does not have the sufficient resources and facilities for its opening fixtures and/or it fails to provide all the outstanding information and documentation.
Bury were promoted from League Two last season but entered the CVA after a winding-up petition over unpaid debts was adjourned at the High Court last month.
Shakers chairman Steve Dale said that future of the cash-strapped club would be safe after agreeing the CVA.
Dale, who said the club is working with the EFL to deal with outstanding issues, told the official Bury website: "We have worked tirelessly to achieve the result today whilst taking a lot of flak.
"Some might say our methods were questionable but we can all pass comment with hindsight. My job was to save Bury FC and that's done. We have other hurdles but the main one is complete.
"Over the coming weeks, our fans will see the truth appearing once the police have completed their enquiries and arrests, and they will realise who had the club's best interest at heart.
"The facts as always will outweigh the social media spin and lies."
But Bury supporters have seen the break-up of manager Ryan Lowe's promotion-winning squad this summer.
There has been a player-exodus at Gigg Lane and Lowe himself has left to take over at Plymouth, with former Everton and Nottingham Forest striker Paul Wilkinson appointed as his replacement earlier this month.
