The Football League will dock 10 points from clubs that go into administration, starting next season.
Points deductions: Clubs in administration at the start of the new season will be deducted 10 points
Parachute payments: For clubs relegated to second and third divisions
Agent fees: Clubs must produce details of spending on agents every six months
League restructure: First Division will have own chief executive
The decision was taken at an emergency meeting of the League in Oxford on Thursday.
Chairman from all the member clubs of the Football League voted to ratify the proposal to prevent a repeat of Leicester's situation last
Leicester used administration to wipe out huge debts before winning
promotion to the Barclaycard Premiership, having retained their top earning players.
League chairman Sir Brian Mawhinney announced the decision, saying: "This is necessary because the
Football League is the guardian of competitiveness in our divisions and we
can't have clubs who go into administration gaining an advantage.
"It is a fundamentally different approach and there was a healthy debate -
but I pay tribute to the clubs for attaching that significance to it."
Clubs hit with the points deduction will have the right to appeal to an independent body.
The meeting also agreed the introduction of parachute payments for clubs relegated
into Divisions Two and Three.
Clubs will also now be expected to publish a list of spending on player agents every six months.
A new structure for the management of the League was also ratified, giving the
First Division their own managing director on a three-man executive team
answerable to Mawhinney.