Challenge to the final balance sheet (art. 110 LGS)
Members may challenge the final balance sheet and distribution plan within fifteen days and bring court proceedings within the following sixty days.
What article 110
Article 110 establishes the procedure for challenging the final balance sheet and distribution plan.
The final balance sheet and distribution plan, signed by the liquidators, shall be notified to the members, who may challenge them within fifteen (15) days. In that event, the liquidators shall have ten (10) days to accept or reject the challenges. Members may bring court proceedings within the following sixty (60) days, and all challenges shall be joined in a single case. In SRLs under article 299(2) and in stock corporations, the final balance sheet and distribution plan shall also be signed by the statutory auditors and submitted to the shareholders’ meeting.
Source: Law 19,550, art. 110 — InfoLEG (updated official text)
Commentary
The provision creates a final review mechanism with short deadlines: first an internal challenge, then court proceedings. In companies subject to heightened supervision, the statutory audit body and shareholders’ meeting also participate.
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