AN INVERKEITHING-based restaurant firm is set to collapse after a winding up order was lodged at Dunfermline Sheriff Court.

A petition for Vennel Restaurant Ltd, which is based at 15a King Street, to be wound up and a liquidator to be appointed was presented on September 11 on behalf of His Majesty's Revenue and Customs.

Companies House records describe the firm as a private limited company involved in licensed restaurants.

A public notice says any parties claiming an interest in the firm should contact Dunfermline Sheriff Court, 1/6 Carnegie Drive, Dunfermline, KY12 7HJ within eight days of intimation, service and advertisement.

READ MORE: Dunfermline joiner scoops £25,000 in BOTB competition

Liquidation is the process of closing a limited company, selling the assets to pay off debts and dissolving the company from the official register at Companies House.  In short it will stop doing business and employing people.

In general terms liquidation is the process a company faces when there are cash flow problems and creditors are threatening to take enforcement action.