Nottingham City Council has declared itself effectively bankrupt after issuing a section 114 notice.
The Labour-run local authority confirmed the announcement on Wednesday, saying its chief financial officer had decided it “isn’t able to deliver a balanced budget for this year, which is a legal requirement”.
As a result of the section 114 notice, all new spending – with the exception of protecting vulnerable people and statutory services – must stop immediately.
It becomes the second local authority this year to fail financially, after Birmingham City Council issued its own 114 notice back in September.
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