Opening inventory and balance sheet in liquidation (art. 103 LGS)
Within thirty days of taking office, liquidators must prepare an inventory and balance sheet of the company’s assets and liabilities and make them available to the members.
What article 103
Article 103 requires the liquidator to prepare an opening inventory and balance sheet and sanctions non-compliance.
Liquidators must prepare, within thirty (30) days after taking office, an inventory and balance sheet of the company’s assets and liabilities and make them available to the members. The members may, by majority vote, extend the period up to one hundred and twenty (120) days. Non-compliance is grounds for removal, causes loss of the right to remuneration and entails liability for damages.
Source: Law 19,550, art. 103 — InfoLEG (updated official text)
Commentary
The opening inventory and balance sheet establish the starting point of liquidation: what must be realized and what is owed. The statute imposes a short deadline and strong sanctions so that the process is transparent from the outset.
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