BBCFollowing Nottingham City Council’s declaration of effective bankruptcy, the BBC looks at what the issuing of a section 114 notice means for the authority, and the 330,000 people who live in the city.
What has Nottingham City Council announced?
While a council cannot technically go bankrupt, the declaration of a section 114 notice is as close as it can come – an admission the authority cannot balance its books.
Effectively, the authority’s chief financial officer, Ross Brown, has said its spending will outstrip its income in this financial year.
The section 114 notice means the council has…
