Nottingham City Council's leader says the authority will have to "look at everything" when it comes to selling off assets to try and plug a £23 million gap in its finances this year. Councillor David Mellen has also confirmed that there is a "possibility" of the Labour-led authority effectively declaring bankruptcy by issuing a Section 114 notice.
Nottingham City Council 's leader says the authority will have to "look at everything" when it comes to selling off assets to try and plug a £23 million gap in its finances this year. Councillor David Mellen has also confirmed that there is a "possibility" of the Labour-led authority effectively declaring bankruptcy by issuing a Section 114 notice.
It comes after Nottinghamshire Live reported last week that the council was on the verge of doing so and, when asked whether this was possible on Tuesday (November 14), Councillor Mellen said: "That's a decision for the finance officer. Although of course he's talked to us about the possibility of that, it hasn't been issued yet." One method the city council has been using in recent years to try and achieve savings has been by selling off its assets. Councillor Mellen says all assets worth over £1 million are being considered for sale, but added that heritage sites such as Newstead Abbey and Wollaton Hall would be "unlikely" candidates for disposa
Nottingham City Council Assets Finances Bankruptcy Savings Heritage Sites
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