Harland & Wolff, the historic UK shipbuilder known for constructing the Titanic, declared insolvency on Monday. What Happened: The 163-year-old company announced it would likely enter administration in the coming days after failing to secure necessary funding. Administration allows UK companies to restructure instead of immediate liquidation. Harland & Wolff’s request for a £200 million ($264 million) facility from UK Export Finance was denied, leaving the company in a precarious financial state. Staff have been informed of job cuts in non-core operations and the holding company. The company’s…