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What exactly is bankruptcy

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By *verageSausage OP   Man
over a year ago

Flintshire

As a small individual I was mostly taught that bankruptcy is like having a slur against ones name.

So, how come these big public funded councils are "going bankrupt"?

What exactly does it mean?

Does it mean that the big councils will be given a fresh new start without having to pay the bills of the smallest suppliers?

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By (user no longer on site)
over a year ago

As a Birmingham resident I am guessing it means that exactly the same Councillors and employees will continue to run the Council in the same way, but they will increase Council tax by 10% rather than 5%.

So no change at all really aside from Birmingham residents will just be paying more to the same useless people.

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By *urreyfun38Couple
over a year ago

croydon

It means they have run out of money.

They can then only run and pay for essential services until a solution is found

Big cuts will be on the way

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By *uddy laneMan
over a year ago

dudley

These councils will carry on as normal under section 14, it just means if you supply a service or goods to the council you can not stop supplying the service or goods even though as a company you are not going to get paid.

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By *verageSausage OP   Man
over a year ago

Flintshire


"These councils will carry on as normal under section 14, it just means if you supply a service or goods to the council you can not stop supplying the service or goods even though as a company you are not going to get paid."

Good answer!

I think this answer is similar to my original question!

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By *ild_oatsMan
over a year ago

the land of saints & sinners


"These councils will carry on as normal under section 14, it just means if you supply a service or goods to the council you can not stop supplying the service or goods even though as a company you are not going to get paid."

It’s actually a Section 114 notice.

From section 114 of the Local Government Finance Act 1988.

Local authorities in the United Kingdom cannot go bankrupt but by issuing a section 114 notice it is often described in the media as a council effectively declaring bankruptcy.

Most councils under a section 114 notice will then pass a new budget to introduce cuts and reduce spending.

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By *idnight RamblerMan
over a year ago

Pershore

It's an interesting point, and linked to a similar thread discussing whether state pensions are a Ponzi scheme. The answer to both is no, because even though governments may be insolvent, they enjoy powers of revenue collection via taxation.

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By *usie pTV/TS
over a year ago

taunton

No surprise the corruption in supplying public services is massive

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