Nottingham City Council has declared effective bankruptcy, leading to a cessation of all spending except for essential services mandated by law.
The council’s financial woes, underscored by a section 114 notice, stem from its failed foray into the power market with Robin Hood Energy, prompting an acknowledgment of its inability to meet the legal obligation of balancing this year’s budget.
Facing a projected £23 million overspend in the 2023-24 financial year, the Labour-run council has grappled with financial challenges, prompting government monitoring due to its preexisting fiscal issues.
The council’s chief finance officer confirmed the inability to deliver a balanced budget, further emphasizing the gravity of Nottingham City Council’s precarious financial situation.
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