A glass company in Folkestone founded as a family business in the 1980s has gone into liquidation and "unable to pay its debts."

Shepway Glass glazing firm on Park Farm Industrial Estate ceased trading yesterday.

A spokesman from Yerrill Murphy insolvency practitioners firm said: "Shepway Glass and Glazing Limited ceased to trade on September 25 2018 and issued instructions to Yerrill Murphy, a firm of Insolvency Practitioners based in Ashford, to assist in winding-up the affairs of the company under a creditors’ voluntary liquidation.

"It is proposed that Ian Yerrill of Yerrill Murphy will be appointed liquidator of the company with effect from October 18 2018.

"The company is insolvent and is unable to pay its debts."

Between 2016-17 the company's total equity plunged from £216,000 to £18,000, as debts continued to mount.

Beresfords chartered accountants' latest annual report also show the firm, headed up by Mrs Shelly Wood, employed nine staff.

Mrs Wood, 37, who recently took over the reins, is also the director of Shelly Wood South East Limited.

The company's assets soared from £75,000 to £267,000 the same year, government database Companies House shows.

Mrs Wood has been contacted for comment.

Meanwhile customers have been sharing their concerns on social media today.

The spokesman for the liquidator said that anyone with queries should contact them: "It is understood that a number of customers may have paid deposits to the company for goods or services that have not been supplied.

"Anyone that has paid a deposit should contact Yerrill Murphy on 01233 666280 to register their interest and to provide details of monies paid and the goods or services ordered.

"If monies have been paid by credit card or debit card then the payer may be able to reclaim the monies from the card provider under section 75 of the Consumer Credit Act or under the chargeback provisions applying to most card providers.

The website and Facebook page for Shepway Glass have both been taken down.

A director can propose a company stops trading and be liquidated - or 'wound up' - if the company cannot pay its debts, known as being 'insolvent', and enough shareholders agree.

Seventy-five per cent of shareholders must agree to the winding-up to pass a ‘winding-up resolution’ at a meeting.

Once the resolution is made, an authorised insolvency practitioner as liquidator must be appointed to take charge of liquidating the company.

Directors must also send the resolution to Companies House within 15 days and advertise the resolution in The Gazette official public record within 14 days.