While 50 to 60 ‘non-core’ staff are being made redundant, the board maintains a “credible pathway” exists for its four shipyards to continue under new ownership. At present, there will not be any immediate redundancies at the firm’s Scottish locations, which employ around 400 staff.

The administration is limited to the holding company, with operational companies expected to continue trading. The Belfast yard, which built the Titanic, along with operations in England and Scotland, have garnered interest from potential buyers, including Spain’s Navantia and UK’s Babcock International.

The company is also investigating the alleged misappropriation of funds exceeding £25 million under previous management, adding another layer of complexity to its current predicament. An investigation is underway and with involvement from PwC and law firm Simmons and Simmons. The firm’s former chief executive John Wood the FT these are “ridiculous allegation”.

Despite challenges, the company’s executive chairman remains hopeful for a swift resolution, aiming to finalise a sale by the end of October.

Matt Roberts, GMB Union national officer, said: “Workers, their families and whole communities now face their lives being thrown into chaos due to chronic failures in industrial strategy and corporate mismanagement.

“All the four Harland & Wolff yards are needed for our future sovereign capabilities in sectors like renewables and shipbuilding.

“The government must now act to ensure no private company is allowed to cherry pick what parts are retained, in terms of which yards or contracts they wish to save.

“Leaving these vital yards – and the crucial FSS contract with all its promises for UK shipbuilding – to the mercy of the market is not good enough. The Government must provide support and oversight to get the market to the solution we need.”