Harland and Wolff announced that the parent company of the shipyard will enter administration due to insolvency as indicated by its last audited and management accounts.
The company stated, "Accordingly, contingency planning for the making of an administration order and appointment of administrators from Teneo is underway for the company."
The update indicates a likely sale of subsidiary companies holding the shipyards, stating they are anticipated to be bought by "interested parties".
The administration process is expected to begin soon, with Harland and Wolff acknowledging irreversible steps towards insolvency.
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