In the last year, 3 UK Councils have issued statutory section 114 notices, in effect declaring themselves bankrupt. Among them, Birmingham City Council - Europe’s largest council. Astraea Group's Piers Rake has analysed available financial data of all UK Councils and believes that many more councils are on the edge of bankruptcy. In this article, we make some predictions about which may be most at risk and in later posts, we will unpick some of the causative factors that have led councils to the brink.
In this series of articles over the coming months, we will look at the councils at risk and will unpick some of the causes and discuss how the consequences are likely to impact communities affected.
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The information provided in this article is of a general nature and does not constitute, nor should be relied on, as legal or professional advice.