After a third game was suspended by the EFL, Bury have been informed they have two more weeks before they are expelled from League 1.
The club had been set a 5pm deadline on August 7 by the League, who were seeking further information on how they planned to meet its commitments in respect of football creditor debts, payment to unsecured creditors alongside source and sufficiency of funding for the season.
Their opening fixture against MK Dons was suspended last week, with this Saturday's game against Accrington and their Carabao Cup game against Sheffield Wednesday next week also suffering the same fate.
Bury have now been given 14 days (until August 23) to meet all the outstanding requirements of the League's insolvency policy or its membership of the EFL will be withdrawn.
EFL Executive chairman Debbie Jevans said: "Despite continued efforts, regular communication and dialogue with Mr Dale and his team, the required evidence has not been forthcoming. Albeit regretfully, the board has been left with no choice but to take the action it has."