Nottinghamshire Live understands that Nottingham City Council is on the edge of effectively declaring bankruptcy.
Nottingham City Council is on the brink of effectively declaring bankruptcy by issuing a Section 114 notice. Nottinghamshire Live understands that an official announcement confirming the move could be made in the coming days.
Although there are different types of section 114 notices, the relevant kind here is the one which is published if the CFO says that their council's spending is likely to be higher than what it has available during the financial year.
Spending relating to existing agreements is often still allowed. Following the notice being published, a full meeting of the council has to take place within 21 days to consider it. At this meeting, councillors decide if they agree with the CFO's view and what action to take.
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