The finance boss at Nottingham City Council says he has been reviewing up to 400 transactions a day after spend controls were put in place following the authority's declaration of effective bankruptcy.
The significance of the financial challenges led to the Government appointing commissioners this year, replacing the improvement board which had been in place for three years following the collapse of Robin Hood Energy. Mr Brown says the responsibility goes through a chain of officers and directors before reaching himself.
"For the time being this financial year the mechanisms are appropriate and also there are actually some really interesting insights into how, when and why we are undertaking some of the expenditure that we do.
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More than 400 jobs saved as manufacturing group companies sold out of administrationMore than 400 jobs have been saved after a raft of companies across a manufacturing group were sold out of administration. Richard Harrison and Howard Smith from Interpath Advisory were appointed as joint administrators to 14 companies across the Pexion Group on March 19. Stuart Irwin and Richard Harrison were appointed joint administrators over another group subsidiary, Nitronica Ltd, on the same date. Headquartered in Chorley, the Pexion Group specialises in the design, development and manufacture of high specification electronic components and sub-assemblies for high-tech industries. The group comprises of parent company Pexion Ltd and 14 trading subsidiaries. Over recent months, the group had experienced challenging trading conditions and had started to come under increasing financial pressure from its suppliers. This in turn put pressure on its liquidity position. In response, the directors sought to undertake a review of the sale and restructuring options available to them, but when a solvent solution could not be found, they took steps to seek the appointment of administrators. Immediately following their appointment, the joint administrators completed six separate transactions, safeguarding the future 13 of the group's operating subsidiaries, and preserving 430 jobs at sites across the country.
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