Ofcom said it had revoked the licence after a change of control at the station, which resulted in it going into administration in November.
Auctionworld had the chance to challenge Ofcom's decision but the regulator said the broadcaster had not made any representation.
Chase-it TV offered viewers the chance to bid for products including jewellery, digital cameras and electrical goods, with items being advertised with a guide price before being auctioned.
It was the subject of an adjudication by the Advertising Standards Authority in January. Viewers complained that they were unable to get through on the telephone line, were put on hold for lengthy periods and did not have their messages returned. They also complained about the delivery of goods and said they did not receive replies to their emails, letters or faxes.
Similar complaints against Auctionworld prompted Ofcom to impose the £450,000 fine in November. A week later, the company went into administration with debts of £14m.
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