The employees at Murray and Murray Limited were made redundant with immediate effect after directors took the decision to wind up the company amid huge debts.
The firm designs and manufactures bespoke kitchens and interiors.
The Courier has reported that while creditors have been invited to a meeting in Dunfermline next week to discuss the situation, it is not yet clear how much is owed and to whom.
Dunfermline-based Thompson Cooper has been appointed liquidator.
A spokesperson said: “Known creditors have been made aware of the liquidation, however, if anyone else wishes to discuss the position please contact Thomson Cooper on 01383 628800.”