Nottingham City Council Declares Bankruptcy – Section 114 Notice Filed
Nottingham City Council has filed bankruptcy by filing a section 114 notice on 29th November 2023 under Local Government Act 1988 which means that the council has insufficient funds to operate as they had planned. Ross Brown, Corporate Director of Finance & Resources at Nottingham City Council initiated the notice. Chief financial officers have a lawful duty to issue a ‘section 114 notice’ if they believe the council will be unable to meet its expenditure and commitments from its income. Section 114 notice according to England's Law means the council cannot make new spending commitments and must meet within 21…