Birmingham City Council was the last authority to effectively declare bankruptcy and Nottingham looks set to do the same.
The issuing of a notice effectively declaring bankruptcy is a relatively rare step taken by beleaguered local authorities . The Chartered Institute of Public Finance and Accountancy warns that such a step should be seen as a "last resort", but Nottinghamshire Live understands the measure could be announced by Nottingham City Council in the coming days.
Should Nottingham City Council have managed its finances better over the last 10 years? Let us know in our poll here. Despite pledging to continue the council's essential services, ranging from social care to waste collection, the council's leader did not rule out changes to the way in which services were delivered. After issuing the Section 114 notice, the initial plan was for an emergency budget to be prepared this side of Christmas to outline how Birmingham would address its £87 million black hole.
Mr Caller also predicted that a fire sale of the council's assets was inevitable. But he said targeting historic heritage and cultural sites for such a sale would be too complex, suggesting that council-owned shops and vacant land were easier to flog.
Nottingham City Council Bankruptcy Local Authorities Financial Crisis
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nottingham City Council Faces Bankruptcy Notice Due to Financial CrisisNottinghamshire Live understands that an official announcement from the council could be made in the coming days.
Read more »
Pay Rise for Officials Monitoring Improvements at Nottingham City CouncilThe top official's daily fee will be increasing to £1,000.
Read more »
With Nottingham on brink of bankruptcy what happens next?Nottinghamshire Live understands that Nottingham City Council is on the edge of effectively declaring bankruptcy.
Read more »
HMRC's Unity Square office block lights up Nottingham city centreThe monthly energy bill was said at one point to be £93,000
Read more »
Liverpool City Council's Annual Remembrance ServiceAll closures will be signed and stewarded and will remain in force only for as long as is necessary
Read more »
Pay rise for Government officials overseeing city council financesThe top official's daily fee will be increasing to £1,000.
Read more »