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.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nottingham tram live updates as services disrupted after city centre crashNET said a road traffic collision had happened at the Lace Market tram stop on the evening of Wednesday, November 8
Read more »
Live Nottingham Raleigh updates as bike firm to close experience centreIt comes after redundancies at the company were confirmed
Read more »
Nottingham Forest's Taiwo Awoniyi ranked among Premier League strikersThe latest Nottingham Forest news from Nottinghamshire Live as the Reds striker continues to impress in the Premier League
Read more »
Nottinghamshire couple take over ‘unique’ countryside cafeDovecote Barn, a cafe, bistro and bar in Barton in Fabis, Nottinghamshire, is now under new management.
Read more »
Jobs under threat at Nottinghamshire bike manufacturer Raleigh as firm announces restructureBike manufacturer Raleigh has announced a restructuring plan which will see some staff made redundant.
Read more »
A52 diversion in full as road closed for serious police incidentNottinghamshire Police said the road will remain closed 'for some time'
Read more »