A meeting is due to take place within the next 21 days to discuss the situation and the authority said a dedicated page on its website would provide updates.
The council said in a statement: “Senior officers and members remain committed to continuing to work with the Improvement and Assurance Board and the Department for Levelling Up, Housing and Communities to put the council on a stable financial footing for the future.”
Nottingham City Council leader David Mellen has told the BBC he will not be stepping down following the news that the authority is effectively bankrupt.
“We will continue to pay our bills, we will continue to pay our staff,” he said.
He added the council was not going to close its new £10m library – which officially…
