Harland & Wolff, the 163-year-old firm that built the Titanic, has declared itself insolvent after failing to secure funding to continue trading.

Iconic shipbuilder Harland and Wolff, famed for constructing the doomed Titanic, said Monday it faced renewed financial difficulties, forcing it to offload non-core assets to preserve its shipyards.

Titanic shipbuilder Harland & Wolff is preparing to go into administration after bosses admitted the troubled group is insolvent, putting up to 1,000 jobs at risk. The Belfast-based company confirmed reports that administrators at Teneo had been lined up to handle the process,