Harland & Wolff Group Holdings PLC (AIM:HARL) has appointed administrators after the Titanic shipbuilder was deemed insolvent earlier this month.
Teneo Financial Advisory Ltd administrators have been brought in, Harland said on Friday, with jobs set to be cut and shareholders left out of receiving any returns.
Administration will see the company’s headcount reduced from 66 people to enough “to provide certain required services to the operational companies,” the company added.
Subsidiaries in Belfast, Appledore, Arnish and Methil will not be subject to the insolvency process, according to Harland, which it added would “not result in any returns to shareholders”.