British shipbuilder Harland & Wolff said on Friday it had appointed administrators and that it would lead to job cuts.

Historic Titanic shipbuilder Harland and Wolff has called in administrators, saying the company “is insolvent”. Jobs are set to be at risk with the 162-year-old company saying “contingency planning was underway to place the Company into administration”.

For the second time in five years, the parent company of the shipyard in Belfast, Northern Ireland, will enter administration, with Royal Navy contracts in the balance.

Harland & Wolff said on Monday it plans to appoint administrators in the coming days as the company known for building the Titanic struggles with a debt crisis.

Belfast-based shipbuilder Harland and Wolff – which built the Titanic – has formally moved into administration. Administrators were appointed on Friday afternoon after the company gave indications last week that this would happen. It is the second time the business has been placed in administration in five years.

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The Belfast-based company warned such a move was imminent after a review found that its holding company, Harland & Wolff Group, was insolvent.

Harland and Wolff, known for building the Titanic, has called in administrators and will see job cuts as it grapples with insolvency for the second time in five years