Rotherham could not agree a Company Voluntary Arrangement with its creditors but the League decided under the 'exceptional circumstances' provisions of its insolvency rules to set the conditions for their League future.
In a statement, the League said it was imposing the punishment because it was the Millers' second insolvency in recent seasons.
They also said the club must return to Rotherham within four years after they were forced to leave Millmoor, their home for more than 100 years, and play games at the Don Valley Stadium in Sheffield from the start of 2008/09.
The 17-point deduction puts them second bottom of the League Two table above Luton, who had 30 points taken away for misconduct and for failing to satisfy the League's insolvency rules.
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