I think in Bury's case it is quite complex and no single party has caused their downfall, it seems to be a combination of at least the current and previous owners and the EFL. This may go to legal proceedings although whether they can raise funds to proceed is another matter.
In terms of the current owner and the EFL, even if he had passed a fit and proper test based on his business history, he still didn't seem to understand anything about football or how to deal with the league governing body and was willing to gamble the club away. The question is, did the EFL understand what he was doing (was he acting intentionally or not) and should they have tried to prevent him? Maybe the owner was misled by advice from the EFL, maybe the owner's illness caused him to make bad decisions, who knows. On a broader scale, though, this isn't just about a business going under, or a team being thrown out of the league, it's about how the game is managed in the pyramid levels below the one we exist in. Should they be letting history disappear in this way? I'm not so sure. The club were potentially financially viable and could have been punished and the owner forced out with league assistance, but dropping them so far down the pyramid is harsh in my opinion.