Joe Skarz, Marcus Marshall, Mark Carrington, Efe Sodje, Mark Hughes, Max Harrop, Carl Regan, Christian Dibble, Euan Holden, Jordan Melia, Dalton McLaughlin, David Healy, Cameron Belford, Craig Fagan, Tom Soares and Valery Mizague have all been let go by the financially-stricken outfit.
Full-back Skarz has already agreed a deal to sign for Rotherham when his contract officially expires at the end of May.
It leaves only eight players still under contract and in place at Gigg Lane for next season, coming after Tuesday's announcement that captain Steven Schumacher has joined Fleetwood for an undisclosed fee following the Shakers' relegation to League Two.
Bury's official website read: "Due to the uncertainty of the future, the club is unable to offer deals to any of the out-of-contract players.
"Negotiations with new investors are at an advance stage. At the moment we are unable to announce a definite timescale, though we hope to be able to reveal more positive news within the coming days."