In relation to the construction company AS "BMGS," insolvency proceedings have been initiated, according to information from the Insolvency Register.
The Riga City Court initiated insolvency proceedings for the company on Wednesday, February 25. Marita Kataya-Paegle has been appointed as the administrator.
It was previously reported that on February 2, the State Revenue Service (VID) imposed two security restrictions on "BMGS" — a ban on reducing the share capital and a ban on registering, extending, or amending the commercial pledge in the commercial pledge register of the Enterprise Register.
As of February 10 of this year, the company's debt for taxes and fees administered by VID amounted to €1,509,037.
It was also reported earlier that on February 13, 2025, the Riga City Court initiated legal protection proceedings for the construction company "BMGS," which is involved in a protracted project to modernize railway platforms. Sergey Maletsky was appointed as the supervisory person for the legal protection case.
According to court information, on December 5, 2025, the Riga City Court rejected "BMGS"'s application for legal protection, and on January 29, 2026, the initiation of appellate proceedings was denied.
The turnover of "BMGS" in 2023 amounted to €52.151 million, which is an increase of 48.4% compared to 2022, while the company's profit increased fourfold, reaching €455,635. Financial data for 2024 has not yet been published.
The company's share capital is €3,239,600. The largest owners of "BMGS" are the company SIA "Termināls," owned by Elena Pare (67.99%), Tatiana Lileeva (9.3%), Vadim Para (9.18%), and Vladimir Chudnivets (8.35%).
From July 11 to October 10, 2024, the German company "Skyflower Real Estate" was also a co-owner of "BMGS," holding 34.47% of the capital shares. During this period, the long-time chairwoman of the company, Svetlana Afanasyeva, left her position.
The main activities of "BMGS" include hydraulic engineering, bridge construction, and pile foundation installation. The company produces concrete, reinforced concrete, and metal structures, provides geotechnical services, and rents out construction equipment.
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