Business Secretary Jonathan Reynolds said the decision was due to a risk taxpayer money would be lost, based on Harland and Wolff’s financial profile.

“It is undoubtedly a time of ongoing uncertainty for employees of Harland and Wolff and their families, and my thoughts are with them,” said Mr McReynolds.

“Shipbuilding and other maritime engineering activities are a crucial part of our economy, especially in East Belfast, where Harland and Wolff is part of our proud history. The cranes alone are one of the most iconic images of Belfast, seen around the world. But it also can have a key role to play in our future.

“The company has a rich legacy, and has many skilled and forward-thinking individuals working there. It is therefore crucial everything possible is done to help it navigate this difficult time. Workers there are part of our strong skills base in Northern Ireland, and their work is a platform for wider benefits to the local economy.

“Alliance elected representatives, including myself and my colleagues Naomi Long MLA and Sorcha Eastwood MP, will continue to engage with the company, trade unions and the UK Government in order to ensure a positive way forward for Harland and Wolff. Workers can be assured of our full support as this process continues.”