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.
Esta historia es de la edición November 30, 2023 de The Guardian.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición November 30, 2023 de The Guardian.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
Pension funds Can chancellor win investment boost with 'megafund'?
What is Rachel Reeves planning?
'I'd pay to play the Ryder Cup': McIlroy's barb at US fee plan
Rory McIlroy says he would pay to play in the Ryder Cup after it emerged that US team members could receive $400,000 each for competing against Europe in New York next year.
Borthwick denies feeling pressure to end losing streak
Steve Borthwick has insisted he is well equipped to block out the pressure of England's current plight after Rassie Erasmus suggested he is under the pump and may feel like he \"has a gun against his head\".
St Pauli quit X and hit out at 'hate machine'
St Pauli have become the first major football club to leave X, describing the social media site as a \"hate machine\", and expressing concern that it may influence the outcome of the forthcoming German election.
Scotland must revamp youth development to keep up, says Clarke
Head coach believes change must come from top as he prepares to face Croatia
Carsley relief as new-look England seize control of their destiny
It was the night when Lee Carsley dropped Harry Kane and came up smelling of roses, this a result not only to avenge the shapeless 2-1 Wembley defeat against Greece in October but to put England on the brink of automatic promotion back into the Nations League's A section.
'I like these challenges, I like being in constant change'
Mayra Ramírez has been on a steep learning curve since moving to Chelsea from Spain in January but would not have it any other way, she tells Suzanne Wrack
Thousands back fight for girls' toilets at local clubs
A coach has sparked a grassroots movement to improve inclusivity in football: by demanding that toilets are opened for girls.
Tyson happy for money to talk amid mayhem
Despite all the hype, veteran knows there is nothing new to say before the charade of his fight with a YouTube star
Raducanu in discussions to hire renowned fitness trainer Nakamura
Former US Open champion has struggled with series of injuries throughout career
