Administrators have been officially appointed to troubled UK offshore wind fabricator Harland and Wolff following a court hearing on Tuesday.
Michael Jennings and Brian Murphy, partners at business advisory firm BDO Northern Ireland, have taken the reins at the Belfast yard.
“After a long sales process, in which a buyer could not be found, the business has been unable to continue trading due to having insufficient funds following the recent insolvency of its ultimate parent,” said a BDO spokesman.
“The team at BDO have engaged immediately with Harland & Wolff employees and other stakeholders to take all necessary steps to ensure they are supported throughout the administration process.”
A court hearing was held in Belfast on Tuesday morning as the first step in an insolvency process.
The futures of 123 staff, some of whom are protesting at the facility, remain unclear. A new owner is still being sought for the company, it is understood.
H&W’s last job was the assembly of 18 jackets for ScottishPower Renewables’ 714MW East Anglia 1 wind farm off east England, which was completed in recent months.
Unions Unite and GMB will meanwhile hold a conference call with Secretary of State Julian Smith on Tuesday over the matter.
The representative groups said a “hand-off approach” by the UK government and DUP in Northern Ireland amount to “economic vandalism”.
“During our conference call…we will be stressing that, If Harland and Wolff is allowed to close, the taxpayer will pick up the bill in terms of lost taxes and benefit costs, while Northern Ireland’s economy will lose vital skills and expertise as we head into the uncertain waters of Brexit,” said Unite regional coordinator Susan Fitzgerald.