In an announcement yesterday, the local authority said it had a significant gap in its budget and that the council's chief financial officer had decided it was not able to produce a balanced budget for this year.
The Labour-run council attributed its financial problems to issues affecting councils across the country including an increased demand for children and adults' social care, rising homelessness presentations and the impact of inflation.
It acknowledged previous issues relating to financial governance and an overspend in the past financial year had played a part but said it still had sufficient financial resources to meet all of its current obligations.
Robert Jenrick, the Conservative MP for Newark in Nottinghamshire, said the council had displayed "breathtaking waste and incompetence" and called for the secretary of state to appoint commissioners to "restore order".
Nottingham is the fourth English council in effect to declare itself bankrupt in recent months, following Thurrock, Woking and Birmingham.
They followed town hall insolvencies in Croydon and Slough, and warnings from several other councils, such as Hampshire, that they are on the edge financially.
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