The independent review will be led by Jonathan Taylor QC.
The EFL says the review will "consider the lessons to be learned" from Bury's recent financial difficulties and "seek to identify changes that help to ensure similar problems do not occur in the future".
Taylor is an expert on commercial and regulatory issues in sport, and is co-head of the sports group at law firm Bird & Bird. He is also leading a pre-existing review of the EFL's governance systems and procedures.