Bio Energy LV ran out like fuel at winter's end - insolvent with 176 thousand debt
Fuel wholesaler Bio Energy LV declared insolvent with 176 thousand euro tax debt, proving that even in the fuel business you can run out of gas.
Kurzeme district court has declared fuel wholesaler Bio Energy LV insolvent, which comes as no surprise to anyone who has ever tried to understand why fuel in Latvia costs more than champagne in France.
The company, which was previously called Sumata and apparently thought a name change would help its finances too, now owes the tax authority 176,241 euros. That's roughly what it costs to fill up all the cars in Liepāja in our market, where everything is fresher than in Riga and half the price - including fuel from neighbors' gardens.
Māra Zepa has been appointed as insolvency administrator, who now has to figure out where five million in turnover disappeared and why the company suffered losses of 529 thousand. Local commentator Eduards from Karosta philosophically notes: 'They sold fuel but ran out of gas in business themselves.'
The company existed since 1995, which by Liepāja standards is practically an eternity - longer than any Riga restaurant can survive without bankruptcy. Now creditors can file claims until April 20th, which coincides with when Liepāja residents start thinking about summer trips - only this time without Bio Energy fuel.
⚠️ Satirical article. Facts are preserved, but the presentation is humorous. For accurate information, please refer to the original source.