Administrators at Ernst & Young have been appointed to Hebridean International Cruises after having to halt operations due to heavy losses.
The cruiseline ran two small luxury ships, one of which has been sold in an effort to preserve the loss-making business.
The 98-passenger Hedridean Spirit was sold to a private owner for £5 million, which leaves its smaller vessel the 49-passenger Hedridean Princess that was chartered by the Queen for her 80th birthday in 2006.
Ernst & Young are going to continue to operate the remaining ship while they explore its potential sale as a going concern.
An unnamed party has been granted a period to have exclusive discussions about a deal by Hebridean's administrators. It is rumoured that the Voyages of Discovery-owned Swan Hellenic may have an interest in the business.
Hebridean International Cruises was launched in 1989 and employed 20 staff. Hebridean Princess started out as the MacBrayne ferry Columba in 1964. It was converted to a miniature cruise ship for 49 passengers in 1989.
