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The Solway Harvester sank in heavy seas off the Isle of Man nearly 14 years ago, killing all seven crew members.
The men were from the small fishing community at the Isle of Whithorn.
The boat has been kept in Douglas harbour, but work to dismantle it started this week and the vessel, a symbol of the tragedy, will be gone by Christmas.
Our reporters Matthew Taylor and Fiona McIlwraith have been gauging reaction in both the Isle of Man and in South West Scotland.
The Solway Harvester set off in the early morning of the 10 January 2000 carrying the seven strong crew from Isle of Whithorn.
By the afternoon of the next day the weather had turned so bad that skipper Andrew Mills turned the Solway Harvester towards the shelter of Ramsey Bay off the Isle of Man.
At half past five, the ship sent its final communication.
A quarter of an hour later a satellite picked up an emergency signal and a major search and rescue mission was launched.
The news turned grim on the 12th of January when 2 unopened life rafts were found, dashing all hope of finding anyone alive.
Three days later, the sunken ship was discovered, laying on the sea bed 115 feet down.
The bodies of all seven men were eventually found on board.
Work is continuing today in the Isle of Man to break-up the Solway Harvester.
The vessel was involved in the region's worst fishing disaster for decades.
It sank nearly 14 years ago, with the loss of seven fishermen from South West Scotland.
The break-up of the vessel involved in the region's worst fishing disaster for decades has begun in the Isle of Man.
The Solway Harvester sank nearly 14 years ago, with the loss of seven fishermen from South West Scotland.
It was raised by the Manx Goverment in 2000.
It has been kept at Douglas Harbour, in case it was needed as evidence for any legal cases. But the decision has now been made to scrap it.
Matthew Taylor reports:
Work is due to start on dismantling The Solway Harvester, which sank 13 years ago.
David Cretney, MHK, Minister For Infrastructure for Isle of Man, is in charge of the dismantling of the ship.
Work begins this afternoon to break the Solway Harvester apart.
It will be dismantled by Christmas and the metal sold for scrap.
The Isle of Man Government said it would deal with the ship's dismantling "sensitively".
The Solway Harvester, which sank 13 years ago killing seven fishermen from South west Scotland, is to be broken up next week.
Demolition work will start on Monday.
The Laxey Towing Company has been awarded the contract for the work.
A spokesman for the Isle of Man government says the work will be carried out sensitively.