Titanic Shipyard Set to file for Insolvency

The company that built the Titanic at Belfast Shipyard , Harland and Wolff, is reportedly expected to file for insolvency after 158 years of trading. Despite being put on sale last December as an attempt to save the company, however no buyer was found for the declining shipyard.

LEXLAW solicitors and barristers insolvency lawyer in london debt recovery winding up petition

Why is the company under threat of insolvency?

Harland and Wolff was first put up for sale during December 2018 following a period of long term decline since the 1960s however have struggled to find a buyer with the company sharing in June that it was still continuing its sales process. The company’s rising pension deficit is seen as the main reason for the struggle to sell the company with the most recent accounts published for the year ending December 2016 show that its defined pension benefit scheme had “2,633 pensioner and deferred members”.

The Northern Irish Shipyard was once Belfast’s biggest employers with a workforce of 35,000 at its peak in the 1920s, however now only employs 123 permanent employees. The company first started its long period of decline in the 1960s and followed further declination following the 2014 oil price crash triggering the Hardland and Wolff to go into further decline with a loss of £5.8 million compared to a gain of £1.1 million the previous year. In addition to this, the company stated that “The valuation carried out by the actuary at 31 December 2016 indicated a deficit of £38.1m compared to a deficit of £31.3m at 31 December 2015.”

Who is the administrator?

The accountancy group, BDO, has been appointed as the administrator stating that it would file for insolvency next Tuesday in a Belfast court. Furthermore, BDO is also presumed to file for a court injunction to gain access to the site.

Unions have repeatedly said that they want the shipyard to be nationalised however the government have repeatedly stated that the crisis is a “commercial issue”.  Assistant general sectary of the Irish Congress of Trades Union, Owen Reidy expressed that there had been “substantial political support” from Belfast City Council and the UK Labour party, but that the support had “not been matched by the new UK government”.

Specialist Insolvency Lawyers

If you have received a winding up petition our legal experts are able to provide legal advice and representation. Our team of solicitors and barristers can obtain a court adjournment; CVA’s and successfully challenge the validity of the winding up petition to ensure that the petition is dismissed, often without public advertisement.

Check Your Insolvency Case ✔

We analyse your winding-up petition prospects. We deliver strategic legal advice at your first meeting. We get optimal legal results. Want a first or second opinion on your case? Click below or call our lawyers in London on ☎ 02071830529


The information on this website is not legal advice; you should always obtain specific advice on the circumstances of your case. Our Winding-up Petition Solicitors & Barristers provide specialist legal advice based on decades of expertise. Click here or call +442071830529 to get in touch. For regulatory reasons we do not take on low value cases nor provide free legal advice, information or guidance and our team cannot answer questions from non-clients.

Our team of expert Barristers & Solicitors is able to advise your company on opposing a winding-up petition. Contact us by clicking here or calling 02071830529.

Call Now Button search previous next tag category expand menu location phone mail time cart zoom edit close