The council was issued a section 114 notice in response to ‘unprecedented financial challenges’ facing the town, escalated as a result of dramatic spending in regeneration projects.

Under legislative requirements, the notice stops all but essential spending, with the aim of enabling the council to continue the provision of services.

The accounts for the council for 2019/20 are still awaiting an audit opinion from the previous external auditor, BDO, with the audits for the years following yet to commence.

It has sought to ensure that the incoming external auditor, Grant Thornton LLP, can clarify how the matters unfolded between 2016-2021.