The EFL have now commenced a formal investigation of Macclesfield Town under EFL Regulation 63.7 for failure to pay players. They do have the authority to deduct points or recommend an expulsion from the EFL.
https://www.efl.com/news/2019/november/ ... ield-town/Regulation 92
92.1 The Disciplinary Commission may at any time make a decision, and may make more than one decision at different times on different aspects of the matters to be determined.
92.2 A decision may:
92.2.1 order a party to do or refrain from doing anything;
92.2.2 order a specific performance;
92.2.3 make a declaration on any matter to be determined;
92.2.4 issue a reprimand or warning as to the future conduct of a party;
92.2.5 order the payment of compensation to The League, any Club, any other club, Player or other person;
92.2.6 order a suspension of membership of The League;
92.2.7 order a deduction of points;
92.2.8 impose a financial penalty payable to The League;
92.2.9 recommend expulsion from membership of The League;
92.2.10 order a withdrawal or loss of benefit otherwise available to members of The League e.g. basic award or ladder payment;
92.2.11 impose an embargo on registration of Players;
92.2.12 order any other sanction as the Disciplinary Commission may think fit; and
92.2.13 order that interest be payable on any sums awarded under this Regulation for such period and at such rates as the Disciplinary Commission thinks fit.