The TV shopping channel Auctionworld has folded with debts of £14 million ($26m; €20m).

Following a £450,000 fine last week from UK media regulator Ofcom, due to almost a thousand consumer complaints, the channel has now gone into receivership.

Its licence was in the throes of being revoked by Ofcom who criticised Auctionworld for "severely inadequate" customer service and misleading advertising - including the sale of diamonds independently valued at £500 and advertised for £14,000.

There are 17,000 customers still waiting for goods which they have paid for, and a further 10,000 consumers waiting for refunds for returned goods.

In a bid to ease its woes and pay off creditors Auctionworld plans to sell off some assets.

Data sourced from Brand Republic (UK); additional content by WARC staff