UK maritime law firm Ince is set to enter administration after losing the support of a major creditor.

The financially troubled London-listed firm, whose shares have been suspended since the start of this year, has been looking to secure backing from its major lender and other creditors, including HM Revenue and Customs (HMRC).

However, in a filing on Wednesday, the company said it had “regrettably concluded” it had no choice but to appoint administrators to protect the interests of employees and other stakeholders as its major creditor would no longer continue to support the business.

Ince has repeatedly had to put back its deadline for publishing annual results and the lengthy auditing process “has put increasing pressure on the cash flows of the business,” the company said.

Insolvency firm Quantuma will be appointed as administrator with the intention of selling the group’s business to a third party as soon as possible.

Ince, which has a history dating back 150 years, was once London’s largest listed law firm. Formerly known as Gordon Dadds Group, it has over 700 employees worldwide.