In a meeting at the the Walkers Stadium, home of Leicester City who have recently been promoted to the Premiership despite spending much of the season in administration, saw three major proposals being agreed in principal.
l To dock points of teams who go into administration, increasing to relegation and possible expulsion from the league.
l Wage capping will be introduced according to turnover.
l From next season the play-offs will be extended to include six teams.
Scunthorpe United were represented at the meeting by chairman Steve Wharton and director Chris Holland.
The proposals were made by the League's insolvency working party which consisted of FL Chairman Brian Mawhinney, Millwall Chairman Theo Paphitis, Wycombe Chairman Ivor beeks and members of the League executive.
The plans were made amid concerns that clubs used administration as a `get out of jail free` card to clear debts, effectively penalising prudent clubs.
Leicester City had 90% of their debts wiped earlier this season, with North Lincolnshire construction company Birse thought to have lost £7million owed to them for construction of their new stadium.
Lincoln, Notts County, Port Vale, Ipswich, Barnsley, York and Huddersfield have all been in administration and under the new plans would have lost league points.
Under the new scheme clubs would immediately be deducted between six and twelve points, and if they spent an entire season in administration they would immediately be relegated.
If a club went into administration twice in a three year period then they would have their league membership removed. Clubs in administration would not be allowed to vote on League matters.
The wage capping scheme would come into force next season, but only for third division clubs. Clubs would have to ensure that the wage bill for players is kept under 60% of their annual turnover, and that their entire staff costs are within 75%.
If successful this regulation will be extended to first and second division clubs for the following season.
The third major proposal will see six teams involved in the end of season promotion play-offs.
The four teams who finish the lowest needed to qualify must play each other for the chance to play the top two teams, before playing a play-off final.
"I must pay tribute to the clubs who are understanding of the realities and who are wanting to move football forward under the umbrella of good governance which I raised when I took this job.
"There is a lot of work still to be done, a lot of issues to be resolved and a lot of disagreements to be sorted out but these have been three significant decisions."
The play-off and wage capping proposals are likely to be ratified at the FL's AGM on June 5, with the insolvency proposal being put to a vote at an EGM to be called in July.