New York (CNN Business) Harland and Wolff, the 158-year-old shipyard in Northern Ireland that built the Titanic, is preparing for bankruptcy.

The UK government named an administrator to oversee the company's restructuring, a Harland and Wolff spokesman said. The case is expected to be in a UK court on Tuesday.

The shipyard in Belfast employed about 35,000 at its pre-World War II peak in 1935. It has only 123 full-time employees today. It has not built a ship since 2003, when it built two ferries. Since then, Harland and Wolff has concentrated on renewable energy, including offshore wind and tidal turbines.

Workers have been occupying the shipyard for the last week and vowed Monday to continue to fight to keep it in business. The union expects to file in court on Tuesday to seek an injunction from the shipyard closing.

"We will not give up on this famous shipyard," said Michael Mulholland, a union organizer. "The occupation will continue — and our battle will continue."

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