The British shipbuilding company Harland & Wolff, famous for building the "Titanic" luxury ship, was once a leader in the world's shipbuilding industry, but after more than 100 years of vicissitudes, it seems that the legend is no longer able to continue. The 163-year-old company declared itself bankrupt after failing to secure funding to continue trading.

    Harland & Wolff said Monday that it will likely begin the administration process in the coming days. The process provides a way for UK companies to restructure if they are unable to repay their debts, rather than going into immediate bankruptcy or liquidation.

    In a statement, Harland & Wolff said IT had proposed £200m to UK Export Finance, a UK government department. The current "financing" request of approximately 1.873 billion yuan has been rejected, leaving it "in a difficult financial situation".

    The group's "core businesses" - which include the Belfast shipyard that built the Titanic and is currently helping to build three warships for the British government - will not be affected by the insolvency proceedings and will continue to trade as usual. The group said it was exploring a sale of the businesses while continuing to seek new financing.

    According to the BBC, a British government spokesman stressed that Harland & Wolff has given assurances that any insolvency proceedings will not affect its shipyards, including the delivery of contracts for the British Ministry of Defence.

    "We are clear that, following a thorough review of the company's financial position, the market is now best placed to address these challenges and providing government funding would represent a significant risk of losing taxpayers' money," a government spokesman added in a statement. We will continue to work extensively with all parties to find an outcome for Harland & Wolff that delivers shipbuilding and manufacturing and protects jobs in Belfast, Scotland and the rest of the UK."

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