Coastal Workboats Scotland Limited, a shipbuilding company based on a Scottish island, has entered administration, reporting debts of £15 million owed to 78 creditors. The firm, which aimed to revive local shipbuilding for the first time in a century, has ceased operations, resulting in the loss of all jobs. The company had five unfinished vessels, including the UK's first all-electric commercial workboat. Financial documents reveal that Coastal Workboats had incurred an additional £3 million in debt beyond the £12 million listed in its accounts. Despite securing funding and loans since 2022, the company struggled to meet its financial obligations, defaulting on a loan with Solo Asset 1, which was guaranteed by Damen Hardinxveld. The mounting creditor pressure led to its collapse, with trade creditors owed £860,000. Major creditors include Global Maritime Engineering Services Limited and HMRC. The company was incorporated in 2018 by directors Brian and Julie Pogson, who also own Coastal Workboats Limited and Coastal Pure Limited, which remain unaffected by the insolvency.